The International Monetary Fund said on Friday it would recommend to its executive board granting Ecuador a one-year extension on repayments of $47.9 million to the fund arising in 2004.
The IMF and Ecuador finance officials have held talks in Washington this week on a proposed new 12-month loan program to replace a $205 million loan package which expired on April 20.
Discussions on the new program are to continue in Ecuador next month, the fund said.
"Moreover, management has agreed to recommend to the executive board that it approve Ecuador's request to extend by one year repurchase expectations of $47.9 million arising in the remainder of 2004," said Jose Fajgenbaum, deputy director of the IMF's Western Hemisphere Department, in a statement late on Friday.