IMF approves economic agreement with Ecuador for $ 6.5 billion

A new agreement reached Ecuador with the board of the International Monetary Fund (IMF ). It is about the delivery by the multilateral organization of $ 6,500 million that will serve to address the health crisis and promote the reactivation of production .

IMF approves economic agreement with Ecuador for $ 6.5 billion

The announcement was made by the President of the Republic, Lenín Moreno , this Wednesday, September 30, and that even the first disbursement of these resources, of $ 2,000 million, will arrive in the country this Friday, October 2.

This financing will be until the year 2023 and, in the opinion of the president, this is excellent news for the country.

For the use of these resources, said the Head of State, at the moment there is a preliminary list of the sectors to which they will be destined, but that in any case a fair and equitable allocation will be made.

The agreement with the IMF is of the Staff Level Agreement type and will last for 27 months; the resources are freely available, of which $ 4,000 will be delivered in 2020, $ 1,500 million in 2021; and finally $ 1 billion in 2022.

Among the Government’s objectives regarding the destination of resources, it is considered a priority to allocate it to cover social assistance programs, meet the needs of vulnerable sectors, guarantee fiscal and public debt sustainability , and strengthen national institutions. (I)