The Ecuadorian Ministry of Economy and Finance said Friday the five-year loan came with “favorable conditions” at 1.05 percent interest.
The country faces a double crisis in the form of the virus and a fall in oil prices, with the IMF forecasting a drop of 6.3 percent in the country’s GDP in 2020.
“This financing will provide the necessary liquidity to support the reactivation of production and the protection of jobs,” the ministry said in a statement.
The credit offering joins a three-year economic assistance program signed by Lenin Moreno’s government with the international body in 2019.
That $4.2 billion loan involved a raft of cuts and fiscal adjustments that led to a wave of protests in October 2019 when the government raised fuel prices.