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Ecuador asks IMF for credit line after earthquake

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Ecuador asks IMF for credit line after earthquake

Ecuadorhas asked the International MonetaryFund to open a credit line following the recent earthquake that caused widespread destruction in the countryand killed over 600 people, Reuters reported, citing comments by Alejandro Werner,director of the Western Hemisphere department at the IMF.

Wernersaid the fund would consider Ecuador's request for a loan from its Rapid FinancingInstrument, but he did not provide details on the amount of the possible loan.

Accordingto IMF rules, Ecuador could get a credit line for up to $368 million, but the levelof access depends on the country's balance of payments needs, according to the report.

EcuadorPresident Rafael Correa has said the country will temporarily some taxes and sell assets, as wellas possibly issuing global bonds to fund the reconstruction effort after the 7.8-magnitudequake.