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US welcomes Ecuador IMF aid package, will chip in

WASHINGTON, March 9 (Reuters) - The U.S. Treasury on Thursday welcomed an International Monetary Fund promise of loans for Ecuador, and said it would provide an as-yet unspecified amount of foreign aid for ``specific security and development needs.''

A Treasury official said Ecuador's ``ambitious economic program'' was an important step forward for the Andean nation, which is mired in its worst economic problems for 50 years.

``Full and sustained implementation will help lay the basis for the resumption of economic growth and stability which offers the best prospect for improved living standards for all of Ecuador's people during this period of difficult economic challenges,'' he said.

International lenders earlier on Thursday announced plans for a $2 billion three-year aid package for Ecuador, including $300 million from the International Monetary Fund.

The money will help Ecuador implement plans to bring in the U.S. dollar and pay for much-needed restructuring of the banking sector and the creation of a social safety net.