April 30, 2019 |
The Inter-American Development Bank (IDB) said it has granted a seven-year $500m loan to help Ecuador to implement spending cuts.
The emergency loan supports a reform agenda that "enables the private sector to take over from the public sector as the main driver of Ecuador's economic growth," the IDB said in a press release.
The proposed reforms involve cuts to public spending, but the government has promised to spend $370m on social programs in 2019 and spend at least 1% of GDP on social prog
Development banks grants a $500m loan to support the government's spending cuts