Ecuador Receives $4.2Bln 3-Year Extended Fund Boost for New Economic Programs - IMF

WASHINGTON (Pakistan Point News / Sputnik - 12th March, 2019) The government of Ecuador will receive a $4.2 billion line in credit funding over the next three years to boost its economic development programs, the International Monetary Fund (IMF) announced in a press release.

"The Executive board of the IMF today approved a US$ 4.2 billion (435 percent of quota and SDR - Special Drawing Rights -3.035 billion) arrangement under the IMF's Extended Fund Facility (EFF) for Ecuador," the release stated on Monday.

The IMF explained that its decision enables the immediate disbursement of $652 million equivalent to SDR 469.

7 million, or 67.3 percent of Ecuador's quota.

"This arrangement provides support for the Ecuadorean government's economic policies over the next three years," the release said.

The Ecuadorian plan aims to create a more dynamic and sustainable economy centered around four major priorities; boosting competitiveness and job creation; strengthening fiscal sustainability; protecting the poor and most vulnerable; and boosting the fight against corruption, the release added.