FLAR approved a $ 617.58 million credit for Ecuador

On Tuesday, Finance Minister Fausto Herrera, deputy operations manager of the Central Bank of Ecuador, Veronica Garces, signed with the president of the Latin American Reserve Fund (FLAR for its Spanish acronym), Ana María Carrasquilla, a credit to support the Ecuadorian balance of payments for $ 617.58 million.

The loan was approved on July 26 by the board of FLAR in Cartagena (Colombia) and will be paid on the 12th of this month, once Ecuador completes a pending payment to the entity for $ 258 million.

“This loan is framed in the support that FLAR has granted Ecuador in the process of restoring access to the various sources of international liquidity,” noted a statement from the FLAR.

FLAR was created 35 years ago to support balance of payments problems in the Andean subregion. Its member countries are: Bolivia, Colombia, Costa Rica, Ecuador, Paraguay, Peru, Uruguay and Venezuela.

From left to right: Finance Minister Fausto Herrera, president of the Latin American Reserve Fund (FLAR for its Spanish acronym), Ana María Carrasquilla and deputy operations manager of the Central Bank of Ecuador, Veronica Garces.