IMF Statement on Ecuador

IMF News, November 27, 2019

Source details

Press Release No. 19/437
Date: November 27, 2019
Participants:
- Kristalina Georgieva, IMF Managing Director
- Richard Martinez, Ecuador Finance Minister
- IMF spokesperson Gerry Rice issued the concluding statement
Contact: PRESS OFFICER: Maria Candia Romano; Phone: +1 202 623-7100; Email: MEDIA@IMF.org
Social: @IMFSpokesperson

The IMF and Ecuadorian authorities discussed the country’s outlook and the authority’s policy plans.
Direct quote from the statement by the IMF spokesperson Gerry Rice:
- “The Ecuadorian authorities remain steadfast in their commitment to pursuing policies aimed at strengthening the Ecuadorian economy and protecting the most vulnerable. The IMF remains closely engaged with the authorities as they continue to work on the implementation of their economic plan.”
On fiscal policy and tax reform:
- “The tax reform recently submitted to the legislative assembly will help strengthen government finances and make the tax system simpler and more growth-friendly.”
- “The passage of this reform by the National Assembly will be an important milestone for the government's program supported by the IMF and would facilitate the combined second and third reviews of the program to be completed soon.”

Support for the submitted tax reform as a tool to:
- Strengthen government finances
- Simplify the tax system
- Make the tax system more growth-friendly
Conditionality / process expectations:
- Passage of the tax reform by the National Assembly is identified as an important milestone for the government's IMF-supported program.
- Passage would facilitate completion of the combined second and third reviews of the program soon.

Italic: IMF Communications Department, IMF Statement on Ecuador, November 27, 2019