The International Monetary Fund (IMF) has allowed Ecuador to draw nearly half a billion dollars after concluding its second and third review of the Latin American country, the IMF Executive Board said in a press release
WASHINGTON (Pakistan Point News / Sputnik - 20th December, 2019) The International Monetary Fund (IMF) has allowed Ecuador to draw nearly half a billion dollars after concluding its second and third review of the Latin American country, the IMF Executive Board said in a press release.
"The Executive Board of the International Monetary Fund (IMF) today completed the combined second and third reviews of Ecuador's performance under its economic program supported by the Extended Arrangement under the Extended Fund Facility (EFF)," the release said on Thursday. "The completion of both reviews allows the authorities to draw the equivalent of SDR [special drawing rights] 361.3 million."
Ecuador's President Lenin Moreno said in February that a technical agreement was reached with international creditors, including the IMF, on a $10.2 billion loan agreement.
Moreno said the funds will allow for the creation of new jobs, including remote ones for women with small children.
In March, the IMF approved $4.2 billion line in credit funding over the next three years to boost its economic development programs.
The IMF is expected to allocate the $4.2 billion and the rest $6 billion will be provided by six international financial organizations - the World Bank, the Inter-American Development Bank, the Development Bank of Latin America, the European Investment Bank, the Latin American Reserve Fund and the French Development Agency.
