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LatinNews Daily - 29 July 2021

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In brief: IDB approves loan to combat poverty in Ecuador

* Ecuador’s economy & finance minister, Simón Cueva, has announced that the Inter-American Development Bank (IDB) has approved a US$300m loan that he said will be used to ensure “minimum levels of income for a million Ecuadorean families who are in a situation of poverty or vulnerability as a result of the economic crisis caused by the [coronavirus] Covid-19.” The 23-year loan will have a grace period of 7.5 years, and interest will be charged at the London Interbank Offered Rate (Libor), according to a statement by the economy & finance ministry. In addition to the US$300m loan, the IDB will also provide technical assistance to the ministry of social and economic inclusion to “guarantee the strength and efficacy” of the poverty relief programme. Cueva said that the IDB’s approval of the loan demonstrates multilateral lenders’ “faith in the government’s social policy and confidence in its economic management of the country.”