This agreement will be for 27 months and its final approval is subject to the implementation of new economic policies in the country.
The President of the Republic, Lenín Moreno, announced that the country reached a new technical agreement with the International Monetary Fund (IMF) for USD 6.5 billion. This was one of the requirements that the country had to fulfill in order to carry out the renegotiation of the debt with the bondholders.
President Moreno pointed out that the new disbursement to be made by the IMF would be dedicated to social protection and economic development. In the same way, he thanked the economic team of the multilateral organization and the Council of Economic Advisers.
For his part, Ceyda Oner, head of the IMF mission for Ecuador, explained that this agreement was only approved at a technical level and will last for 27 months.
“The Ecuadorian authorities and the IMF team have reached an agreement at the technical staff level to support the economic policies of the authorities with a 27-month agreement under the Expanded Facility of the IMF (SAF) with a requested access of SDR. 4,600 million (equivalent to US $ 6,500 million) ”.
Likewise, he stressed that this agreement is still subject to the approval of the highest authorities of this body and the implementation of new policies by the Government of Ecuador.
“The agreement is subject to approval by IMF management and the Executive Board in the coming weeks, and to the implementation by the authorities of prior actions, compliance with the criteria for the IMF to provide financing that exceeds the normal access and guarantees from international partners, including bilateral creditors, on their financial commitments ”.
Kristalina Georgieva, General Director of the International Monetary Fund, also spoke about this new agreement on her Twitter account and indicated that she will support its final approval with the entire Board.
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