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  • Ecuador has signed deals with multilateral banking institutions for over US $10 billion.

    Ecuador has signed deals with multilateral banking institutions for over US $10 billion. | Photo: Reuters

Published 20 February 2019

The whole deal would be worth over USD $10 billion, with the IMF, World Bank, and other multilateral banking institutions.

The Presidency Communications General Secretary of Ecuador has issued a statement, signed by President Lenin Moreno, on Wednesday, confirming the signing of an agreement with the International Monetary Fund (IMF) for USD $4.2 billion.

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Ecuadoreans March Against Neoliberal Policies

According to the statement, the deal with the IMF is worth USD $4.2 billion as the Ecuadorean government has reached a "Staff Level Agreement," with the international organization. However, in general, the Ecuadorean government has signed agreements for over USD $10 billion, from "the most important world organizations," in finances and banking.

Among those organizations are the World Bank, the Inter-American Development Bank, the Development Bank of Latin America -CAF-, the European Investment Bank, the Latin American Reserve Fund, the French Agency for Developing, as said the statement.

According to the statement, Ecuador has "agreed with the United Nations on its support to monitor, that the resources of the State be destined, as a priority, to social investment."

Social organizations and political movements marched on Wednesday February 13, in Quito, the capital of Ecuador, to reject the neoliberal economic policies implemented by the Lenin Moreno government.

Argentinian social movements have called attention to the fact that IMF bailouts have, in fact, worsened the economic situation in the country. Several mobilizations have happened in Argentina to protest the IMF-backed austerity economic measures implemented by the government of President Mauricio Macri.

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