QUITO (Reuters) -The International Monetary Fund said on Friday it has completed its second review of Ecuador’s Extended Fund Facility and approved an augmentation of the program by about $1 billion.
The approval will allow Ecuador to immediately access around $600 million, the IMF said.
The approved augmentation for Ecuador increases access under the program to $5 billion from $4 billion, the IMF said.
“Despite challenging circumstances, Ecuadorian authorities have successfully mobilized non-oil revenues, strengthened fiscal and external buffers, and cleared domestic arrears while protecting vulnerable groups,” said IMF Deputy Managing Director Nigel Clarke.
Ecuador’s economy ministry hailed the news, saying it reflected government efforts to respond to challenges including insecurity and drought.
“This decision follows the successful conclusion of the second revision of the ongoing agreement,” it said in a statement. The IMF highlighted that the government of President Daniel Noboa satisfactorily met the quantitative goals.
(Reporting by Gursimran Kaur in Bengaluru and Alexandra Valencia in Quito, Editing by Franklin Paul and Chris Reese)
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