Ecuador Not Looking for New Agreement with IMF, Will Maintain Ties

Ecuador has fully financed its budget for next year and is not looking for a new credit agreement with the International Monetary Fund (IMF), the country's economy minister said on Friday, adding that the government will maintain close ties with the fund, Reuters reported. The IMF this week concluded the latest review of its $6.5 billion financing agreement with Ecuador, opening the way for a final disbursement of $700 million to the South American nation. Although Ecuadorean authorities view the agreement as a success, Ecuador will not require funds from the IMF to finance its 2023 budget because it has resources that will come from other multilateral lenders and domestic debt issuances, Economy Minister Pablo Arosemena said. "We have already financed next year's budget without counting on resources from a potential program with the IMF," Arosemena told reporters in Guayaquil. "The idea is to continue working with the (International Monetary) Fund." Read more.