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IMF Extends Ecuador Loan - Social and Economic Policy - Global Policy Forum IMF Extends Ecuador Loan
World Debt
February 15, 2001Ecuador says its $304 million standby loan accord with the International Monetary Fund scheduled to end in April will be extended for at least five months.
Officials at the Finance Ministry say the extension was agreed upon after talks between Finance Minister Jorge Gallardo and IMF representatives in Washington. The IMF, however, said that negotiations aren't yet completed.
``I can confirm that the standby agreement will be extended until September,'' said Freddy Lobato, Finance Ministry spokesman.
Ecuador had fallen too far behind on its reform agreement to complete the requirements before the agreement was scheduled to expire in April. Ecuador secured the IMF agreement last April after adopting the dollar as the national currency. The accord cleared the way for another $1.7 billion from the World Bank, the IDB and other lenders.
Gallardo met with President Gustavo Noboa and members of the government yesterday to discuss the results of negotiations with the IMF, Lobato said. ``It's our understanding that they may request this extension,'' said Francisco Baker, an IMF spokesman. ``We haven't reached an agreement yet. We are still discussing it.''
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