"It created new fiscal pressures and an urgent balance of payments needed at a time when Ecuador's economy
is still suffering from the effects of lower oil prices, a strong US dollar, low international
reserves, and limited access to international
Days after the quake the government said it needed USD 3.3 billion to rebuild, even as it faced a deep budget gap due to the plunge in the price of crude oil, the country's main export earner.
The IMF is granting the loan under its Rapid Financing Instrument facility, which allows it to provide assistance quickly to countries hit suddenly by financial setbacks.
The loan, which is disbursed immediately, does not come with conditions. But in his statement Min urged the country to take steps to strengthen its finances for the future.
"Over the medium term, fiscal policy will need to rebuild adequate buffers to create space for countercyclical policy," he said.
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