About: http://data.cimple.eu/news-article/b9ed25d035f90f6a3aaadd17125d64782d3cb0775689a53150e3836f

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rdf:type	schema:NewsArticle
schema:articleBody	IMF staff reached an agreement with Ecuador on Friday on a $6.5 billion, 27-month loan program to help the country deal with the dual shock of Covid-19 and the plunge in oil prices. The IMF said the Extended Fund Facility follows Quito's successful renegotiation with bondholders, and complements a $643 million emergency loan the Washington-based crisis lender provided in May. The new loan is subject to approval by the IMF board. "Ecuador's already fragile economy has been further hit by a confluence of shocks, including the COVID-19 pandemic and the sharp slump in oil prices, which is expected to lead to a record decline in economic activity," said Ceyda Oner, the IMF mission chief who led the virtual talks with Ecuadoran officials over the past month. The economy is expected to contract by 11 percent in 2020, "and many Ecuadorians are being pushed into poverty," she said in a statement. "Against this backdrop, the Fund-supported program is aimed at first helping the Ecuadorian authorities stabilize the economy and protect the lives and livelihoods of the Ecuadorian people, and then preparing the ground for economic recovery and promoting sustainable and inclusive growth." The government of President Lenin Moreno in late July reached an agreement on $17.4 billion in debt that reduced the South American nation's capital and interest payments. In the deal with the fund, Ecuador agreed to a reform program that includes rolling back crisis spending next year to pursue "a smart and comprehensive tax reform, and improved governance of public spending, while continuing to expand the coverage of social protection." hs/acb
schema:headline	IMF staff reaches agreement with Ecuador on $6.5 bn loan
schema:mentions	Social protection Quito Lenín Moreno Tax reform International Monetary Fund Ecuador Poverty Pandemic United States Severe acute respiratory syndrome coronavirus 2 President of the United States Coronavirus disease 2019 Cricket Australia
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-08-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)

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