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.

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.

"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.

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.