Quito: Ecuador is negotiating credit lines to finance reconstruction after this month's devastating earthquake with multilateral agencies that include the International Monetary Fund, a government official said on Thursday.
The Andean nation has already opened an emergency credit with multilateral agencies including the World Bank and the Inter-American Development Bank for about $600 million, and plans to continue seeking additional financing.
An IMF official on Wednesday said Ecuador had requested a credit line, without offering details.
"The work has been positive, and right now (officials are) in negotiations both the (IMF) and with other multilateral agencies," said Planning and Development Secretary Sandra Naranjo in an interview. "We have to keep all our options open."
She did not say which other agencies were involved in financing talks.
Ecuador could receive up to $368 million through an IMF credit line, according to a Reuters calculation based on the rules governing such loans. Disbursements would depend on the country's balance of payments needs.
President Rafael Correa, a harsh critic of IMF policies, has estimated the quake caused around $3 billion in damages and that the country will need "tens of millions of dollars" for reconstruction in the short term.
That includes rebuilding some 6,600 homes, along with roads, schools and health centres affected by the 7.8 magnitude temblor that killed at least 659 people, according to the latest official estimates.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
The Andean nation has already opened an emergency credit with multilateral agencies including the World Bank and the Inter-American Development Bank for about $600 million, and plans to continue seeking additional financing.
An IMF official on Wednesday said Ecuador had requested a credit line, without offering details.
She did not say which other agencies were involved in financing talks.
Advertisement
President Rafael Correa, a harsh critic of IMF policies, has estimated the quake caused around $3 billion in damages and that the country will need "tens of millions of dollars" for reconstruction in the short term.
Advertisement
© Thomson Reuters 2016
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
COMMENTS
Advertisement
IMF Says "8% Growth Forecast For India Not Ours", Distances From Top Exec Pakistan Needs Another IMF Loan For Stability, Says PM Shehbaz Sharif IMF Confirms That Cash-Strapped Pakistan Is Seeking 24th Bailout Vandalism At Kolkata Hospital Where Doctor Was Raped, Tear Gas Fired 150 mg Semen In Kolkata Doctor's Body, Suspect Gang-Rape: Parents To Court 2 French Rafale Jets Collide Mid-Air, Instructor, Pilot Missing "Soldiers, Farmers, Youth. I Salute Them All": PM Modi In Speech At Red Fort Trump Speaks With Netanyahu Over Gaza Truce And Hostage Deal: Report Indian-Origin Man Jailed For Helping Friend In Singapore Football Scam Track Latest News Live on NDTV.com and get news updates from India and around the world.