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.
