IMF Staff Country Reports

Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

May 31, 2024

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International Monetary Fund. Western Hemisphere Dept. "Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador", IMF Staff Country Reports 2024, 146 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400277542.002

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Summary

This paper highlights Ecuador’s Request for an Extended Arrangement under the Extended Fund Facility (EFF). The authorities implemented swift and bold measures in early 2024 to address the fiscal and liquidity challenges and requested a 48-month EFF arrangement of SDR 3 billion to support their policy plans and advance an ambitious structural reform agenda. IMF estimates that IMF resources are needed to close a financing gap of about US$4 billion during the program period, after factoring in an ambitious and large fiscal plan, financial support from international financial institutions and official bilateral partners, and renewed access to international capital markets. The baseline scenario under the program is, however, subject to substantive risks, stemming from both external and domestic factors. IMF assesses that the policy program provides a reasonably strong prospect of success, amid broad support to the main objectives of the EFF arrangement, and strong commitment and capacity by the authorities to take measures to ensure its successful implementation.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial regulation and supervision, International organization, Monetary policy, Public debt, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Caribbean, EFF arrangement, Financing strategy, Global, Peak fund exposure, Reform agenda, Reform sequencing

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