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Andean Group - September 2020

Government strikes new IMF credit agreement

The International Monetary Fund (IMF) announced on 28 August that its technical team had reached a provisional agreement with Ecuador’s government for a 27-month Extended Fund Facility (EFF) credit agreement. This is the second such agreement forged within 18 months - as the country’s ongoing fiscal crisis has been compounded by the impact of the coronavirus (Covid-19) pandemic [RA-20-05] - and will give Ecuador access to US$6.5bn in financing, albeit with certain conditions attached.

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