IMF Reaches Staff-Level Agreement on the Second and Third Review of Ecuador’s Economic Program under the Extended Fund Facility
IMF News, December 10, 2019
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- IMF Reaches Staff-Level Agreement on the Second and Third Review of Ecuador’s Economic Program under the Extended Fund Facility
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- Published: December 10, 2019
Agreement and reviews
- IMF staff and the Ecuadorian authorities reached a staff level agreement on the combined second and third reviews of the economic program supported by a three-year Extended Fund Facility (EFF) arrangement.
- Discussions took place in Quito during August 12–26, 2019 and in Washington, D.C. during November 11–15, 2019.
- Statement issued by Ms. Anna Ivanova in Washington, D.C. on December 10, 2019.
Financial access and timelines
- Subject to the approval of the Executive Board, Ecuador would have access to about US$498 million (SDR 361.3 million).
- The Executive Board’s review is expected to take place on December 19.
Policy measures and assessments
- The IMF commends the authorities’ strong commitment to implement policies aimed at strengthening the Ecuadorian economy and laying the groundwork for robust and sustainable growth, while protecting the most vulnerable.
- The IMF welcomes the approval of the tax reform by the National Assembly, noting it will:
- make the tax system more efficient, simple, and growth-friendly, and
- improve Ecuador’s fiscal position.
Social protection
- The authorities remain strongly committed to improving social protection for the vulnerable people.
- Progress has already been made in strengthening the social safety net and expanding the coverage of beneficiaries.
Process and acknowledgements
- IMF staff thanked the authorities and the technical team for their candid and constructive discussions.
Media contact
- PRESS OFFICER: Maria Candia
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
IMF Press Release No. 19/449 — December 10, 2019