The International Monetary Fund on Thursday approved a delayed loan tranche for Ecuador, releasing nearly US$500 million under a three-year aid program. The IMF board gave the go-ahead for a US$4.2 billion loan in March to help support the oil-rich nation’s economic reforms, but massive protests led by indigenous groups erupted in October when President Lenin Moreno scrapped fuel subsidies, causing gasoline prices to soar.
Protesters blocked roads and oil facilities in the Amazon for almost two weeks, halting distribution of almost 70 per cent of the country’s crude oil.
Moreno is struggling with an economic crisis that he blames on waste and corruption by his predecessor’s administration, and Congress in November rejected his initial tax reform bill before approving a modified version in early December.
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