IMF board completes Ecuador review, allowing for release of $500 million

QUITO (Reuters) – The IMF on Thursday said its executive board completed the first review of an extended fund facility for Ecuador, allowing for an immediate disbursement of around $500 million.

In a statement, the IMF noted Ecuador’s “significant progress” implementing its economic reform program.

“The authorities’ strong and decisive policy efforts helped safeguard macroeconomic stability, strengthen the fiscal and external positions, and protect vulnerable groups amid a challenging environment,” the IMF said.

The latest disbursement is part of the $4 billion four-year arrangement that the IMF’s executive board approved in May and follows an initial disbursement of $1 billion.

The IMF “signals that the country has considerably strengthened the sustainability of its public finances and has advanced in the implementation of important structural reforms,” Ecuador’s government said in a statement.