Ecuador: 2024 Article IV Consultation and First Review Under the Extended Arrangement Under the Extended Fund Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2024 Issue 357

Publication date: December 2024

ISBN: 9798400297625

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Topics covered in this book

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Finance , Investments and Securities-General , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Financial , Financial sector stability , Oil , Credit , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Securities , Public sector

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Summary

Ecuador is making significant progress in the implementation of its economic reform program. The authorities have embarked on a set of decisive policy actions and reforms to address fiscal and external imbalances, supported by the 48-month Extended Fund Facility (EFF) arrangement approved by the Executive Board in May 2024 of SDR 3 billion (430 percent of quota, about US$4 billion). The core objectives of the EFF-supported program are to (i) strengthen fiscal sustainability, while protecting vulnerable groups; (ii) safeguard dollarization and macroeconomic stability; (iii) rebuild liquidity buffers; (iv) enhance financial stability and integrity; and (v) further advance the structural reform agenda to promote sustainable and inclusive growth.