IMF Reached a new $6.5 billion Agreement with Ecuador

IMF

NEW YORK, Aug 28 (USMarketWire) – IMF (International Monetary Fund) said on Friday it had reached a staff-level agreement for a new $6.5 billion facility with Ecuador, to help the South American country address the economic tremor caused in part by the decline in oil prices and the COVID-19 pandemic.

The potential agreement, subject to approval by the International Monetary Fund’s executive board, clears the way for the settlement of a $17.4 billion debt exchange between Ecuador and its creditors, expected to be finalized on Monday.

The IMF said that the agreement aimed at the 27-month Extended Fund Facility (EFF) to help the Ecuadorian authorities strengthen the economy and also protect the lives and livelihoods of its citizens.

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