Press Release No. 19/347

IMF Reaches Staff-Level Agreement on the Second Review of Ecuador’s Economic Program under the Extended Fund Facility

September 23, 2019

An International Monetary Fund (IMF) team lead by Ms. Anna Ivanova visited Ecuador from August 12-26 to conduct talks in the context of the authorities Fund supported economic program. Ms. Ivanova issued the following statement in Washington DC today:

“An IMF team reached a staff-level agreement with the Ecuadorian authorities on the second review of the economic program carried out by the Ecuadorian government and supported by a three-year Extended Fund Facility (EFF) arrangement.

“Ecuador has continued to make important advances in implementing its economic program, which seeks to boost competitiveness and job creation, achieve the prosperity of all Ecuadorians, protect the most vulnerable, strengthen the institutional bases of dollarization, and strengthen the fight against corruption. Steadfast implementation of the program will help Ecuador better prepare for increasing global economic risks.

“Progress has been achieved in improving the country’s fiscal position and strengthening its international reserves as the authorities met all quantitative targets stablished under the program. Upholding the reform momentum, including on important structural reforms will be crucial to strengthen resilience and competitiveness going forward and sustain the positive developments in credit growth and private investment.

“It is expected that legislations pertaining to the agreed structural reforms under the program will be submitted to the National Assembly over the coming weeks. Staff will put the staff level agreement to the Board’s consideration upon presentation of the legislative proposals.”