IMF approves $498m disbursement to Ecuador.

On December 19, the board of the International Monetary Fund (IMF) confirmed it had completed its second and third reviews of Ecuador’s performance under its 2019 economic programme. The completion of these reviews has allowed the Ecuadorian authorities to draw the equivalent of SDR 361.3m ($498m) from the IMF.

In exchange for financial assistance, the IMF has stipulated that new economic reforms in Ecuador will be focused on reducing the current fiscal deficit, and for enacting changes in labour legislation to encourage increased productivity and competitiveness.

Source: WORLDFINANCE