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The International Monetary Fund approves Ecuador's first loan installment of $37 million under its $300 million standby credit facility but warns that the "fragility" of the country's economic position demands "additional action." IMF First Deputy Managing Director Stanley Fischer says in a prepared statement that the government must do more to rein in the fiscal deficit by raising nonoil-based taxes, while cutting subsidies, particularly for domestic fuels.
Tuesday, 29 August, 2000