7 days ago
IMF approves $1 billion augmentation in Ecuador program
July 18 (Reuters) - The International Monetary Fund said on Friday it has completed its second review of Ecuador's Extended Fund Facility and approved an augmentation of the program by about $1 billion.
The approval will allow Ecuador to immediately access around $600 million, the IMF said.
The approved augmentation for Ecuador increases access under the program to $5 billion from $4 billion, the IMF said.
"Despite challenging circumstances, Ecuadorian authorities have successfully mobilized non-oil revenues, strengthened fiscal and external buffers, and cleared domestic arrears while protecting vulnerable groups," said IMF Deputy Managing Director Nigel Clarke.
