In October 2019, strikes broke out in Ecuador after oil subsidy cuts at the IMF's request. Photo: Jarno Verdonk/Shutterstock
Ecuador and Colombia are the latest Latin American nations to seek out the help of the International Monetary Fund (IMF), one of the world’s most important financial organizations, to borrow funds that may help drag these countries out of the economic hole into which they are falling, made deeper by the Covid-19 pandemic. But beyond the financial aid, cozying up to the IMF brings back some troubling memories for many nations in the region.
At the beginning of May, IMF director Kristalina Georgieva confirmed the approval of a USD 643 million emergency loan for Ecuador and USD 10.8 billion for Colombia, replacing an expiring credit line signed with Bogotá. In the case of Colombia, the IMF said the renewal of the loan comes amid forecasts of the first contraction of the Colombian economy in over two decades.
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