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LatinNews Daily - 04 May 2020
In brief: IMF approves emergency credit for Ecuador
* The International Monetary Fund (IMF) has approved US$643m in credit to the Ecuadorean government, to support its emergency spending in response to the coronavirus (Covid-19) pandemic and the country’s economic crisis. The loan, issued through the IMF’s Rapid Financing Instrument (RFI), is repayable over a five-year term, with a three-year grace period. Ecuador’s economy & finance minister Richard Martínez reported that the government will continue working with the IMF to secure additional funds and is in talks with the World Bank to finalise approval for a US$500m loan.
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