Ecuador will receive $ 7.150 billion from multilateral agencies to alleviate “the greatest economic crisis” the country has faced, President Lenin Moreno said on Sunday.
“Over the next three months, we will receive 7.150 billion (dollars) from the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank, the Andean Development Corporation and Chinese banks,” said Mr. Moreno on a public channel.
The Head of State did not specify the amounts paid by each of the organizations.
He signaled that the money would be used to “cover this year’s expenses” and “meet the needs of the population in terms of health and education”, but stressed that the funds “are not enough to solve the problem. All the problems “.
The Ecuadorian president added that two billion dollars from the IMF, from a 6.5 billion program, have been paid to the South American nation, affected by the coronavirus pandemic and by the fall in oil prices, its main export commodity.
Ecuador has a debt of more than 58 billion dollars, which represents 60% of its GDP. The IMF estimates that the country’s economy will shrink by 11% in 2020.
On Wednesday, the Ecuadorian president announced that the IMF’s executive board had approved “unanimously” the increase in its support plan for structural reforms in Ecuador, which thus increased from 4.2 billion to 6.5 billion dollars .