Economics
IMF’s $6.5 Billion Allows Ecuador to Restructure Bonds
- Deal allows Ecuador to rework $17.4 billion of dollar bonds
- Agreement may hurt chances of radical candidates in elections
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The International Monetary Fund agreed to lend Ecuador $6.5 billion which will allow the nation to complete a bond restructuring plan and fund its 2020 budget.
The deal announced Friday will enable the exchange of $17.4 billion of debt to go ahead before the Sept. 1 deadline. The country had agreed with bondholders that it would seek a new IMF deal, and that the restructuring wouldn’t go ahead without one.