The Inter-American Development Bank today announced that it has approved a disbursement of $79.4 million dollars to Ecuador in support of the country’s stabilization program.
The action makes the IDB the first multilateral financial institution to make available funding to support Ecuador’s plan after the country reached an agreement with the International Monetary Fund.
The funds consist of $60 million to support financial sector reform and $19.4 million to support agricultural sector reform.
These resources, from previously approved loans, which will be followed by others, were released because of the consistent and coherent economic measures of stabilization and economic restructuring adopted by the Ecuadorian government, which deserves the full support of the international community.
The Bank does not have any official recommendation on a specific exchange rate system, which remains the sovereign decision of each one of its member countries.