[Economics] Latin American Reserve Fund (FLAR) disburses $ 308 million for Ecuador's 2021 budget

[#Wittels-]

The loan has a term of 12 months and a rate of 1.35%.

The Latin American Reserve Fund (FLAR) disbursed $ 308 million to the country in support of the government economic program. The resources will be used to solve liquidity needs, in accordance with national regulations, the Ministry of Economy and Finance reported a few minutes ago in a statement.

The $ 308 million delivered correspond to a credit approved to Ecuador, by this agency, for a term of 12 months and an interest rate of 1.35%.

The Minister of Economy and Finance, Simón Cueva, highlighted the approval of this financing as it shows that Ecuador's economic policy has the backing of the international community because it is handling public finances seriously and responsibly.

Ecuador recently received $ 800 million from the International Monetary Fund (IMF) corresponding to the resources that are part of the financial agreement with that multilateral. And by the end of the year he expects to have $ 700 million more as part of the same financial process. Additionally, and like all member countries, they received $ 950 million in SDRs in September, which were later converted into foreign currency to finance the budget deficit.

 

Link: https://www.eluniverso.com/noticias/economia/desembolso-del-flar-para-ecuador-es-de-308-millones-de-dolares-nota/