The board of the Latin American Reserve Fund (FLAR for its Spanish acronym) has approved a loan to support the Balance of Payments for an amount of $ 617.58 million for Ecuador. The operation was authorized at an extraordinary session of the organism earlier this month, whichwill have a period of 3 years plus a grace period of 1 year.
“The credit is framed within the support the FLAR has bestowed upon Ecuador in the process of restoring access to the various sources of international liquidity,” said the statement from the entity.
The same statement emphasizes that Ecuador fulfilled its FLAR obligations in time and before receiving the new loan, the country must pay the balance of the current outstanding loan amounting $ 322 million.
FLAR is made up of Bolivia, Colombia, Costa Rica, Paraguay, Peru, Uruguay, Venezuela and Ecuador.