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LatinNews Daily - 18 November 2021

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In brief: IDB approves US$500m loan for Ecuador

* Ecuador’s economy and finance minister, Simón Cueva, has announced that the Inter-American Development Bank (IDB) has approved a US$500m loan to support Ecuador’s budget plan. The seven-year loan will have a grace period of three years, and its interest rate will be based on the London Interbank Offered Rate (Libor). “The objective of this loan is to ensure fiscal sustainability and safeguard social protection, in the context of economic recovery” from the coronavirus (Covid-19) pandemic, Cueva said, adding that it represents “a new demonstration of the international community’s continued support for the Ecuadorean government’s economic programme.” Cueva said that the IDB loan is in line with the debt targets agreed between Ecuador and the International Monetary Fund (IMF).