Ecuador requests more financing from the World Bank to accelerate investment

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QUITO (Sputnik) – Ecuador’s Minister of Economy, Richard Martinez, said the government requested a larger disbursement from the World Bank than the $ 300 million previously agreed to accelerate the investment and infrastructure of his country.

“For the month of March it was planned to present a disbursement of 300 million dollars to the board of directors. The president informed the director of the World Bank that it would be very important for us to have an increase in that disbursement, because we want to accelerate the investment and infrastructure programs , focusing on the poorest people, “Martínez explained during a press conference.

The official also said that given an “uncertain year” about what is happening in China with the coronavirus, Ecuador needs to “react proactively” to ensure greater economic growth and prevent people from being unprotected.
Martinez said the disbursement figure will be defined by the World Bank in the coming days.
Ecuador faces fiscal and external debt problems, so it sought the help of the International Monetary Fund (IMF) by signing a loan for $ 4.2 billion last year, which included reforms and spending adjustments.

This agreement was part of a broader effort, which included financial support of more than 6,000 million dollars over the next three years from a set of international financial organizations, including the Development Bank of Latin America, the Inter-American Development Bank and the World Bank.

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