IMF board completes Ecuador assessment, permitting for launch of $500 million

QUITO (Reuters) – The IMF on Thursday mentioned its government board accomplished the primary assessment of an prolonged fund facility for Ecuador, permitting for an instantaneous disbursement of round $500 million.

In an announcement, the IMF famous Ecuador’s “vital progress” implementing its financial reform program.

“The authorities’ sturdy and decisive coverage efforts helped safeguard macroeconomic stability, strengthen the fiscal and exterior positions, and shield susceptible teams amid a difficult surroundings,” the IMF mentioned.

The newest disbursement is a part of the $4 billion four-year association that the IMF’s government board accredited in Might and follows an preliminary disbursement of $1 billion.

The IMF “alerts that the nation has significantly strengthened the sustainability of its public funds and has superior within the implementation of necessary structural reforms,” Ecuador’s authorities mentioned in an announcement.