Ecuador Asks for IMF Credit Line to Deal With Aftermath of Major Quake

Ecuador has asked the International Monetary Fund (IMF) for a credit line in the wake of a devastating 7.8-magnitude earthquake, Finance Minister Fausto Herrera confirmed.

MEXICO CITY (Sputnik) – Asked about the exact amount of funds, the minister said as quoted by El Comercio on Wednesday that it is "to be defined."

On April 16, Ecuador was hit by a 7.8-magnitude earthquake, with its epicenter located near the town of Pedernales in Manabi province. Over 640 people died as a result and more than 12,000 were injured.

Over 300 aftershocks have been registered after the initial quake, according to the UN Office for the Coordination of Humanitarian Affairs (OCHA).

More than 1,100 buildings have been destroyed in Ecuador and over 800 have been damaged, including more than 280 schools, according to OCHA.

Ecuador and the United Nations have launched a $72.7 million appeal to assist the country in dealing with the consequences of the 7.8-magnitude earthquake. The World Bank has agreed to allocate $150 million to Ecuador.

According to Ecuador’s President Rafael Correa, the damage caused by the 7.8-magnitude earthquake is estimated at $3 billion.