The board of the International Monetary Fund decides to immediately release $2 billion to help virus-hit Ecuador.
"The Ecuadorian economy is showing nascent signs of economic recovery after bottoming out in the 2nd quarter," Antoinette Sayeh, IMF deputy managing director, said in a statement.
Economic activity is expected to contract this year by 9.5%, an improvement over the 11% estimated earlier this year, according to the latest IMF projections. The institution recommends close coordination among public sector agencies so that the authorities can ensure a strong and job-rich recovery. The loan was granted under an Extended Fund Facility and replaces an agreement that was reached at the end of 2019.
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