IMF, Ecuador reach agreement on proposed augmentation of $1 billion
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FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., U.S., November 24, 2024. REUTERS/Benoit Tessier/File photo
QUITO (Reuters) -The International Monetary Fund said on Wednesday that it reached a staff-level agreement with the Ecuadorean authorities on the second review for a proposed augmentation of $1 billion.
Amid a more challenging external environment, the authorities have requested an increase of the original arrangement from $4 billion to $5 billion, the IMF said.
The move seeks to bolster financial backing for Ecuador's efforts to consolidate economic stability and promote inclusive development, Ecuador's Economy and Finance Ministry said in a post on X.
The technical agreement will be evaluated by the IMF Executive Board in the coming weeks. Approval of the second program review would unlock a new disbursement to further strengthen Ecuador's fiscal and external position, the ministry added.
(Reporting by Harshita Meenaktshi in Bengaluru and Alexandra Valencia in Quito; Editing by Leslie Adler)
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