Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ecuador
IMF Staff Country Reports, October 5, 2020
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- Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ecuador
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Bibliographic details
- Published: October 5, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513558608.002
Summary of recent IMF interactions and request
- On May 1, 2020, the Executive Board approved an RFI of US$643 million, 67.3 percent of quota, to support the urgent needs of the Ecuadorean economy in the wake of the COVID-19 crisis.
- The authorities cancelled the three-year Extended Fund Facility arrangement of US$ 4.2 billion, 435 percent of quota.
- The macroeconomic situation deteriorated after the RFI, prompting the authorities to request a 27-month Extended Fund Facility (EFF) of SDR 4.615 billion (about US$6.5 billion, 661 percent of quota).
- The requested EFF aims to: restore macroeconomic stability, support the most vulnerable groups, and advance the structural reform agenda initiated under the previous EFF.
Key figures and publication metadata
- RFI approved: US$643 million, 67.3 percent of quota (May 1, 2020).
- Cancelled previous EFF arrangement: US$ 4.2 billion, 435 percent of quota.
- New EFF request: SDR 4.615 billion (about US$6.5 billion, 661 percent of quota), duration 27 months.
- Publication date: October 5, 2020.
- Pages: 129.
- Volume: 2020.
- Issue: 286.
- Series: Country Report No. 2020/286.
- DOI: https://doi.org/10.5089/9781513558608.002
- ISBN: 9781513558608
- ISSN: 1934-7685
Thematic focus and policy objectives
- Restore macroeconomic stability:
- Use of a 27-month EFF to address fiscal and balance-of-payments needs following COVID-19 related deterioration.
- Protect vulnerable populations:
- Support measures aimed at the most vulnerable groups during the crisis period.
- Advance structural reforms:
- Continue and advance the structural reform agenda initiated under the previous EFF arrangement.
Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ecuador
Content in this bundle
- Executive Summary