Ecuador: First Review under the Extended Fund Facility Arrangement, Requests for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release and Staff Report

July 3, 2019

Preview Citation

Format: Chicago

Ecuador: First Review under the Extended Fund Facility Arrangement, Requests for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, and Financing Assurances Review-Press Release and Staff Report, (USA: International Monetary Fund, 2019) accessed December 3, 2024

Summary

A 36-month EFF with access of SDR 3.035 billion (435 percent of quota or about US$4.204 billion) was approved on March 11, 2019. Economic activity is projected to decelerate further in 2019 as fiscal consolidation and a slowdown in credit growth weigh on economic growth. However, external financing conditions have improved on the back of rising oil prices and the approval of the IMF program, with sovereign bond spreads falling by 250 basis points since January 1, 2019.

Subject: Central Banks, Commodities, Expenditure, Fiscal policy, International organization, Monetary policy, Public debt

Keywords: Dollarization regime, Ecuadorian government, Energy subsidies, Executive Board discussion, Financing needs, Fiscal stance, Global, IMF's Executive Board, International reserves, Oil, Structural agenda, Trading partners inflation

Publication Details

Pages:

80
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/210
Stock No:

1ECUEA2019004
ISBN:

9781498324304
ISSN:

1934-7685

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