IDB Approves $500 Million Budget Support For Ecuador To Strengthen Macroeconomic Stability
The operation, part of an IMF-led package of international support, will allow the country to proceed with structural reforms to improve its fiscal sustainability while protecting financing for social programs that benefit poor and vulnerable segments of the population. Additionally, the loan will allow the country to bolster its dollar currency reserves, promoting the stability of its money market.
The IDB's Special Development Loan is for a period of seven years, a grace period of three years and an interest rate based on SOFR.
This operation is part of the IDB Group's broader support for Ecuador's Growth Agenda. In July, IDB Group president Ilan Goldfajn, announced $7.5 billion in support from the institution to accompany Ecuador's development over the next five years.
This financial package could reach up to $10.5 billion, depending on the evolution of enabling conditions for investment and implementation. The IDB Group comprises the IDB, IDB Invest and IDB Lab.
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