Ecuador: Staff Report for the 2003 Article IV Consultation, Request for a Stand-By Arrangement, and Approval of an Exchange Restriction
IMF Staff Country Reports, April 7, 2003
Source details
- Canonical URL
- Ecuador: Staff Report for the 2003 Article IV Consultation, Request for a Stand-By Arrangement, and Approval of an Exchange Restriction
Other formats
Bibliographic details
- Published: April 7, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451811797.002
Summary and purpose
- This paper assesses Ecuador’s 2003 Article IV Consultation, a Request for a Stand-By Arrangement (SBA), and Approval of an Exchange Restriction.
- The IMF staff supports Ecuador’s request for a new SBA in support of the government’s economic program, while recognizing the risks involved.
Main objectives of the fiscal program
- Address immediate liquidity constraints.
- Bring expenditure growth under control, consistent with the demands of dollarization.
Government actions highlighted
- The government has moved quickly to implement a package of politically difficult revenue measures.
IMF staff assessment and stance
- Although recognizing the risks involved, the IMF staff supports Ecuador’s request for a new SBA in support of the government’s economic program.
Subjects and keywords (as listed)
- Subjects: Banking, Commodities, Economic sectors, Expenditure, Oil, Oil prices, Prices, Public debt, Public sector
- Keywords: Banco del Pacifico, CR, executive board discussion, expenditure growth, fiscal consolidation objective, Global, government, ISCR, Oil, Oil prices, policy, policy slippage, Public sector, repurchase expectation, revenue buoyancy, SDR