QUITO, July 7 (Reuters) - Ecuador will get a $480 million loan from the Latin America Reserve Fund to strengthen its balance of payments as the global crisis hits the country's key oil income, the finance ministry said on Tuesday.
The FLAR loan is part of the $1.5 billion in multilateral loans Ecuador is seeking to cover its fiscal deficit this year as the world crisis hits the country's economy.
The oil exporting nation is facing a liquidity crunch due to low oil prices during the first half of the year.
The ministry said the loan would also help sustain the country's public investment plan. Finance Minister Elsa Viteri will travel to Colombia on Wednesday to ink the loan agreement, the ministry said.
The government did not release any details on the loan's terms.
(Reporting by Eduardo Garcia; Editing by Dan Grebler) Keywords: ECUADOR LOAN/ (alonso.soto@reuters.com; Tel: 593-22523560 ext 102) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The FLAR loan is part of the $1.5 billion in multilateral loans Ecuador is seeking to cover its fiscal deficit this year as the world crisis hits the country's economy.
The oil exporting nation is facing a liquidity crunch due to low oil prices during the first half of the year.
The ministry said the loan would also help sustain the country's public investment plan. Finance Minister Elsa Viteri will travel to Colombia on Wednesday to ink the loan agreement, the ministry said.
The government did not release any details on the loan's terms.
(Reporting by Eduardo Garcia; Editing by Dan Grebler) Keywords: ECUADOR LOAN/ (alonso.soto@reuters.com; Tel: 593-22523560 ext 102) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.