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Recovering from earthquake, Ecuador gets $364M in financial support from IMF

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Recovering from earthquake, Ecuador gets $364M in financial support from IMF

The International Monetary Fund said it approved about $364million in financial assistance for Ecuador to help the country recover from anearthquake in April that caused considerable damage to infrastructure, housingand agriculture.

The Ecuadorian government declared a state of emergency forcertain provinces after the 7.8-magnitude earthquake April 16 killed more than 200 people.

The quake "created new fiscal pressures and an urgentbalance of payments need at a time when Ecuador's economy is still sufferingfrom the effects of lower oil prices, a strong U.S. dollar, low internationalreserves, and limited access to international financing," IMF DeputyManaging Director Min Zhu said in a statement.

Following the earthquake, the country also receivedfinancial from the World Bank andChina DevelopmentBank.