The International Monetary Fund on Saturday confirmed it had approved $643 million in emergency assistance for Ecuador, but said the Andean country would need additional support from other external partners to respond to the coronavirus pandemic.
The outbreak of the novel coronavirus and plummeting oil prices and global demand were having a devastating effect on Ecuador, one of the largest oil exporters in Latin America, said IMF Managing Director Kristalina Georgieva.
The IMF said the emergency aid would help Ecuador finance much-needed health and social assistance spending, while helping to catalyze additional resources from other multilateral financial institutions such as the World Bank.
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