WASHINGTON, Feb 22, 2019 (BSS/AFP) – Ecuador has agreed to receive $10
billion in financial aid from global development bodies over three years, the
International Monetary Fund said Thursday.
The IMF said a staff-level agreement had been reached with Quito for $4.2
billion in loans, with the remainder coming from the Development Bank of
Latin America, the Inter-American Development Bank, the World Bank and the
Latin American Reserve Fund.
“Our objective has been and remains to support the authorities’ efforts to
improve the living standards of all Ecuadorians,” Anna Ivanova, the IMF’s top
official in Ecuador, said in a statement.
President Lenin Moreno plans to boost growth following four principles:
increasing competitiveness, protecting the poor, sustainable fiscal policy
and combating corruption, Ivanova said.
The IMF agreement with Ecuador is subject to approval by the fund’s board,
which will consider the arrangement “in the coming weeks,” according to the
IMF.