IMF allows $700 mln disbursement for Ecuador after completing review

The executive board of the International Monetary Fund (IMF) said on Wednesday it concluded its sixth and final review of the 27-month Extended Fund Facility for Ecuador, allowing an immediate disbursement of $700 million for the South American nation.

The program aimed to support Ecuador's economic recovery from the pandemic, ensure fiscal and debt sustainability, and expand the coverage of social assistance programs to protect the vulnerable, the IMF said in a statement.

The IMF added that the program also looked to promote an efficient and sustainable management of public resources, strengthen the institutional basis for the dollarization regime, advance the transparency and anti-corruption agenda, and lay the foundations for job-rich and inclusive growth