(MENAFN- AFP) Ecuador has agreed to receive $10 billion in financial aid from global development bodies over three years, the International Monetary Fund said Thursday.
The IMF said a staff-level agreement had been reached with Quito for $4.2 billion in loans, with the remainder coming from the Development Bank of Latin America, the Inter-American Development Bank, the World Bank and the Latin American Reserve Fund.
"Our objective has been and remains to support the authorities' efforts to improve the living standards of all Ecuadorians," Anna Ivanova, the IMF's top official in Ecuador, said in a statement.
President Lenin Moreno plans to boost growth following four principles: increasing competitiveness, protecting the poor, sustainable fiscal policy and combating corruption, Ivanova said.
The IMF agreement with Ecuador is subject to approval by the fund's board, which will consider the arrangement "in the coming weeks," according to the IMF.
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