IMF Boosts Ecuador's Fund Program by $1 Billion
The International Monetary Fund has approved a $1 billion increase in Ecuador's Extended Fund Facility, bringing total access to $5 billion. This will provide immediate access to $600 million. Despite challenges, Ecuador has strengthened fiscal resilience and met key program goals, according to the IMF.
The International Monetary Fund (IMF) announced on Friday the completion of its second review of Ecuador's Extended Fund Facility, approving a $1 billion increase in the program.
The augmentation, which raises Ecuador's access to $5 billion from the previous $4 billion, allows the country to immediately receive $600 million. This decision underscores Ecuador's successful economic strategies, according to the IMF.
IMF Deputy Managing Director Nigel Clarke acknowledged Ecuador's achievements in boosting non-oil revenues and enhancing fiscal stability. The Ecuadorian government, led by President Daniel Noboa, has effectively met the program's quantitative targets, reflecting their commitment to addressing challenges like insecurity and drought.
(With inputs from agencies.)
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