The President of the Republic, Lenín Moreno, announced that the country received USD 500 million for free availability of credit from the World Bank and USD 14 million in donation from the Global Concessional Financing Mechanism (GCFF).
“Thanks to the robustness of the economic program, we continue to receive broad international financial support. We are walking steadily towards economic reactivation, ”the President wrote on his Twitter account on December 1.
The loan was approved by the board of directors on November 24. In a statement, the agency reported that the loan resources will provide assistance to the Government to maintain support for the families most affected by the COVID-19 pandemic; Strengthen actions to eliminate barriers to private sector development and promote economic recovery, and promote public sector efficiency and fiscal sustainability after the crisis.
The USD 500 million loan is fixed-spread, repayable over 11 years, with a 4-year grace period.
Ecuador also received a USD 14 million non-reimbursable grant from the Global Concessional Financing Mechanism (GCFF), which was created to support middle-income countries that host large numbers of refugees.
With the disbursements that Ecuador has received this day for USD 514 million from
With this disbursement, the total amount of resources delivered by the multilaterals, so far this year, amounts to USD 4,708 million.
IMF: USD 2,642 million
World Bank: USD 1,204 million
IDB: USD 398 million
CAF: USD 464 million
TOTAL: USD 4.708 million
Ecuador also expects another USD 2 billion from the International Monetary Fund (IMF) until the end of this month. For the disbursement, the Anticorruption Law that passed its first debate must be approved.
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