IMF staff reaches agreement with Ecuador on $6.5 bn loan

AFP , Friday 28 Aug 2020

IMF staff reached an agreement with Ecuador on Friday on a $6.5 billion, 27-month loan program to help the country deal with the dual shock of Covid-19 and the plunge in oil prices.

The IMF said the Extended Fund Facility follows Quito's successful renegotiation with bondholders, and complements a $643 million emergency loan the Washington-based crisis lender provided in May.

The new loan is subject to approval by the IMF board.

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