The International Monetary Fund on Monday approved a $4.2-billion, three-year loan for Ecuador, part of a broader aid package to help support the government’s economic reform program.<\/span><\/p>\n The Washington-based lender agreed to the terms of the financing late last month, and the final approval of the IMF board on Monday releases the first installment of $652-million.<\/span><\/p>\n IMF Managing Director Christine Lagarde said the aid will support the government’s efforts to shore up its finances, including a wage “realignment,” gradual lowering of fuel subsidies, and reduction of public debt.<\/span><\/p>\n “The savings generated by these measures will allow for an increase in social assistance spending over the course of the program,” Lagarde said in a statement, stressing that “Protecting the poor and most vulnerable segments in society is a key objective” of the program.<\/span><\/p>\n Quito is expected to receive another $6-billion from the Development Bank of Latin America, the Inter-American Development Bank, the World Bank and the Latin American Reserve Fund.<\/span><\/p>\n “The Ecuadoran authorities are implementing a comprehensive reform program aimed at modernizing the economy and paving the way for strong, sustained, and equitable growth,” Lagarde said.<\/span><\/p>\n