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WorldPosted at: Dec 22 2020 6:23PM


International Monetary Fund announces $2bln in Immediate Support for Ecuador

Moscow, Dec 22 (Sputnik) Ecuador will receive $2 billion of immediate disbursement for budget support after the first review of the agreement under the Extended Fund Facility (EFF) by the International Monetary Fund (IMF) Executive Board, the IMF said.
"The [IMF] Board's decision allows for an immediate disbursement of SDR 1.42 billion (about US$2 billion), bringing Ecuador's total disbursements for budget support under the arrangement to about US$4 billion," the IMF press release said on Monday.
Ecuadorian President Lenin Moreno said on Twitter that the country will receive the payment in a few days. The loan is granted for a period of 10 years, with a four-year grace period with a 2.9 percent interest rate. One of the conditions for receiving the payment was the approval by Ecuador of amendments to the anti-corruption law.
In September 2020, the IMF approved $6.5 billion in total to Ecuador, which replaces the loan of 2019 amounting to $4.2 billion.
The IMF disbursement aims to stabilize the Ecuadorian economy and to protect people's livelihoods as well as to increase the coverage of social programs and to ensure financial stability as part of the EFF program.
SPUTNIK GNK 1822
Tags: #International Monetary Fund announces $2bln in Immediate Support for Ecuador
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