Deputy minister of human mobility Santiago Chavez said the government hopes to raise money through donations from multilateral agencies and neighbouring countries.

Last week, delegates from Latin American countries met to coordinate plans on how to deal with the Venezuelan migration crisis, which is taking its toll on social services throughout South America.

Chavez told reporters: “We have quantified Ecuador’s medium – and long-term needs at around $550m.

“This has to do with health, education, housing and employment needs.”

Some 600,000 Venezuelan citizen have entered Ecuador in 2018, according to Reuters. Some of these have or will continue on towards Peru.

Venezuela is experiencing an economic crisis after the decline in oil production, which provides some 90% of the country’s income.

The United Nations has estimated the number of refugees at more than two million. 

In an attempt to tackle its economic problems earlier this year, the Venezuelan government issued its own cryptocurrency called Petro.