[TRENDING] IMF approves $4.2bn loan for Ecuador eNCA
Ecuador's Economy Minister Richard Martinez offers a press conference, along with other government representatives.
The Washington-based lender agreed to the terms of the financing late last month, and the final approval of the IMF board on Monday releases the first installment of $652-million.IMF Managing Director Christine Lagarde said the aid will support the government's efforts to shore up its finances, including a wage"realignment," gradual lowering of fuel subsidies, and reduction of public debt.
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