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Sun May 3, 2020, 02:57 PM

IMF Approves Emergency Loan For Ecuador

By Ariela NAVARRO con la oficina de Quito
05/02/20 AT 2:42 AM

The International Monetary Fund has approved a $643 million emergency loan for Ecuador, as the coronavirus pandemic and low oil prices hit the South American nation.

The Ecuadorian Ministry of Economy and Finance said Friday the five-year loan came with "favorable conditions" at 1.05 percent interest.

The country faces a double crisis in the form of the virus and a fall in oil prices, with the IMF forecasting a drop of 6.3 percent in the country's GDP in 2020.

Ecuador has so far reported more than 25,000 COVID-19 infections and 1,000 deaths linked to the disease.

"This financing will provide the necessary liquidity to support the reactivation of production and the protection of jobs," the ministry said in a statement.


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