translated from Spanish: Ecuador receives credit for 643 mdd from IMF

Quito.- The Board of the International Monetary Fund (IMF) today approved a $643 million loan for Ecuador for the Government to meet the needs arising from the health emergency from new coronavirus disease (COVID-19). The Ecuadorian Ministry of Economy and Finance reported in a statement that the credit was approved through the multilateral agency’s “Quick Financing Instrument”.

“Credit is freely available and in a favourable condition: 1.05 per cent interest, five-year term and three years of grace,” the ministry said. To get the latest news about coronavirus, sign up by clicking on this space and we’ll send you the information instantly. He noted that the resources will serve to combat the complex health, humanitarian and economic situation resulting from the drastic drop in demand and prices of some of Ecuador’s major export products, particularly oil.” This financing will allow the liquidity to support productive revival and job protection,” the portfolio added. He added that Teams from the Ecuadorian government and the IMF will continue to work closely to reach a new medium-term agreement. It will replace the $4.2 billion program that was passed in March 2019, which will support the Ecuadorian government’s economic policies for three years, and which has been paralyzed since last December. As of this Friday, Ecuador added 26,336 confirmed cases of contagion and 1,063 deaths by COVID-19, which had an impact on the dollarized local economy. In the midst of the quarantine and state of emergency in force in the country, at least 70% of the production apparatus paralyzed activities, in addition to the collapse of the price of oil, the country’s main export product. Under this scenario, the Government foresees a contraction of the national economy of more than 4% by 2020. You might also be interested:Ebrard: If effective against covid-19, Mexico will have access to RemdesivirJuez dismisses women’s footballers’ demand to win just like men

Original source in Spanish