QUITO (Pakistan Point News / Sputnik - 01st October, 2020) The International Monetary Fund (IMF) has approved a loan worth $6.5 billion for Ecuador, Ecuadorian President Lenin Moreno told reporters.
"I announce that the IMF loan has been unanimously approved today at 10:30 a.m. [15:30 GMT]. Good news!" Moreno said on Wednesday.
The loan program is set to last for 27 months.
Moreno stressed that the funds would be used to support those affected by the COVID-19 pandemic.
The World Health Organization declared the COVID-19 outbreak a pandemic on March 11. To date, more than 33.8 million people have been infected with the coronavirus worldwide, with over 1 million fatalities, according to Johns Hopkins University.
Ecuador has registered over 137,000 million COVID-19 coronavirus cases so far, with more than 11,000 fatalities.
