IMF, World Bank, IDB, and CAF to propose $2 billion support package for Ecuador

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Page 94

In a news brief issued on March 9, the managements of the IMF, the World Bank Group, the Inter-American Development Bank (IDB), and the Corporación Andina de Fomento (CAF) announced their intention to propose to their Executive Boards a support package for Ecuador. The text of News Brief No. 00/14 is available on the IMF’s website (www.imf.org).

The proposed package, amounting to $2 billion, would be made available over the next three years to support the government of Ecuador’s ambitious program of economic and structural reform. The package comprises a Stand-By Arrangement of $300 million from the IMF that is expected to be presented to the IMF’s Executive Board within a month and would be disbursed during the next 12 months. In addition, the proposed package consists of new loans totaling $425 million from the World Bank Group, $620 million from the IDB, and $700 million from CAF.

If approved by the Executive Boards of the institutions, $900 million will be available to...