May 2, 2020 / 4:15 PM / 24 days ago

IMF confirms $643 mln in aid for Ecuador, says more support needed

WASHINGTON, May 2 (Reuters) - The International Monetary Fund on Saturday confirmed it had approved $643 million in emergency assistance for Ecuador, but said the Andean country would need additional support from other external partners to respond to the coronavirus pandemic.

IMF Managing Director Kristalina Georgieva said the pandemic, plummeting oil prices and a sharp drop in global demand were having a devastating effect on Ecuador, one of the largest oil exporters in Latin America.

The IMF said the emergency aid would help Ecuador finance much-needed health and social assistance spending, while helping to catalyze additional resources from other multilateral financial institutions such as the World Bank.

Reporting by Andrea Shalal; Editing by Bernadette Baum

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