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IMF approves emergency loan for Ecuador | The Malaysian Insight

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IMF approves emergency loan for Ecuador

Ecuador faces a double crisis in the form of the virus and a fall in oil prices, with the IMF forecasting a drop of 6.3% in the country's gross domestic product in 2020. – EPA pic, May 2, 2020.

THE International Monetary Fund has approved a US$643 million emergency loan for Ecuador, as the coronavirus pandemic and low oil prices hit the South American nation. The Ecuadorian Economy and Finance Ministry said yesterday the five-year loan came with “favourable conditions” at 1.05% interest. Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one week free access!

 

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