IMF approves $643 million disbursement to Ecuador to fight COVID-19 pandemic

IMF approves $643 million disbursement to Ecuador to fight COVID-19 pandemic
  • Clock-gray 09:17
  • calendar-gray 02 May 2020

The International Monetary Fund will provide Ecuador with a $643 million loan to combat the novel coronavirus outbreak, the nation's Ministry of Economy and Finance said on Friday, APA reports citing Sputnik. 

"This financing will allow us to have the necessary liquidity to support the reactivation of the economy and protect jobs", the Ministry said in a statement.

According to the Ministry, the IMF loan has been granted for 5 years and has an interest rate of 1.05%. 

On 1 May, the International Monetary Fund approved a two-year $10.8 billion credit line for Colombia under the Flexible Credit Line.

In April, it approved $389 million in emergency funding for El-Salvador to help cushion the nation’s economy from the impact of nationwide restrictions on transportation and quarantine for citizens exposed to the coronavirus.

 

Previously, the IMF said it was providing some $100 billion as a short-term liquidity line to more than 100 countries requiring emergency financing due to hardship caused by the COVID-19 pandemic.

As of Friday, the small Latin American country has registered 26,336 coronavirus-related cases and 1,063 fatalities, the local Health Ministry data shows.

apa-logo-mini

Other news