The International Monetary Fund will provide Ecuador with a $643 million loan to combat the novel coronavirus outbreak, the nation's Ministry of Economy and Finance said on Friday.
📌𝐍𝐎𝐓𝐀 𝐃𝐄 𝐏𝐑𝐄𝐍𝐒𝐀 | El @FMInoticias aprobó un crédito por USD 643 millones para enfrentar los impactos del #Covid_19. Los recursos se dan al país en condiciones favorables: 1,05% de interés, cinco años plazo y tres años de gracia.#ApoyoInternacionalEc pic.twitter.com/Z66aF9NsYa— Economía Finanzas Ec (@FinanzasEc) May 2, 2020
"This financing will allow us to have the necessary liquidity to support the reactivation of the economy and protect jobs", the Ministry said in a statement.
According to the Ministry, the IMF loan has been granted for 5 years and has an interest rate of 1.05%.
On 1 May, the International Monetary Fund approved a two-year $10.8 billion credit line for Colombia under the Flexible Credit Line.
In April, it approved $389 million in emergency funding for El-Salvador to help cushion the nation’s economy from the impact of nationwide restrictions on transportation and quarantine for citizens exposed to the coronavirus.
Previously, the IMF said it was providing some $100 billion as a short-term liquidity line to more than 100 countries requiring emergency financing due to hardship caused by the COVID-19 pandemic.