IMF will provide support of USD 4,000 million to Ecuador

The International Monetary Fund reached a 48-month agreement with Ecuador for the disbursement of USD 4 billion that will be used in economic policies, within the framework of the Expanded Fund Facility (SAF)

Ecuador signed a 48-month agreement with the International Monetary Fund to receive USD 4 billion, within the framework of the Expanded Fund Facility (SAF).

The money will be used in various economic policies and structural reforms, although it has been indicated that said agreement is subject to the approval of the Administration and the Executive Board of the IMF.

The head of the IMF mission in Ecuador, Varapat Chensavasdijai, said: “I am pleased to announce that IMF staff and the Ecuadorian authorities have reached an agreement in support of Ecuador’s economic policy plan. Amid a challenging macroeconomic landscape, our objective has been and continues to be to support the authorities’ efforts to improve the living standards of all Ecuadorians, with a focus on protecting the most vulnerable and promoting sustainable growth.”

The South American country issued a statement on the technical agreement with the international organization, clarifying that the next step will be its ratification in order to improve the quality of life of citizens, and also boost fiscal sustainability, macroeconomic stability and the promotion of a strong and inclusive economy.

M.Pino

Source: americaeconomia

(Reference image source: Blogging Guide in Unsplash)

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