IMF Boosts Ecuador's Economic Program with $1 Billion Augmentation

The International Monetary Fund (IMF) announced the completion of its second review of Ecuador's Extended Fund Facility, enhancing the program with an additional $1 billion. This decision follows a successful mobilization of revenues by Ecuadorian authorities and increased focus on fiscal responsibilities.

The approved augmentation means Ecuador can now immediately access $600 million, with the total program access increased to $5 billion from the previous $4 billion. This financial boost aims to support the South American country in stabilizing its economy amidst challenging times.

IMF Deputy Managing Director Nigel Clarke praised Ecuador's efforts, noting the successful mobilization of non-oil revenues, strengthened fiscal safeguards, and efforts to clear domestic arrears while protecting vulnerable groups. This development highlights ongoing international support for Ecuador's economic strategies and recovery plans.

(With inputs from agencies.)