World Bank approves $506 million in pandemic aid for Ecuador- Reuters – The Amazon Post

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World Bank approves $506 million in pandemic aid for Ecuador- Reuters

Date: May 8, 2020

The World Bank’s board of directors on Thursday approved $506 million in emergency loans and grants for Ecuador to help the Andean country grapple with one of the worst coronavirus outbreaks in Latin America, the Bank said in a statement.

The aid includes a flexible $500 million loan to help Ecuadorian authorities cover budget needs during the crisis and to promote economic recovery. It is a variable-spread loan with a 28-year maturity period and an 11-year grace period.

The outbreak of the novel coronavirus and plummeting oil prices and global demand are having a devastating effect on oil-producing Ecuador.

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