Ecuador: Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Ecuador
IMF Staff Country Reports, July 15, 2022
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- Ecuador: Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Ecuador
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Bibliographic details
- Published: July 15, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400216435.002
Program objectives and scope
- Presents Ecuador’s Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility (EFF), Request for a Waiver of Nonobservance of Performance Criterion, Rephasing of Access, and Financing Assurances Review.
- EFF-supported economic program aims to:
- stabilize the economy,
- ensure fiscal and debt sustainability,
- expand the coverage of social assistance programs to protect the vulnerable,
- promote a transparent management of public resources,
- lay foundations for sustainable and inclusive growth.
Recent economic performance and outlook
- Economy rebounded in 2021 at 4.2 percent, bolstered by a well-executed vaccination campaign that allowed for a steady reopening of the economy.
- Recovery projection for 2022: 2.9 percent.
- Inflationary pressures are expected to rise, mostly due to higher commodity prices.
Executive Board action and compliance matters
- The Executive Board approved the authorities’ request for a waiver of nonobservance of the end-December 2021 performance criterion on the overall balance of the budgetary central government and the oil derivatives financing account.
- Approval was based on corrective actions the authorities have already taken and have committed to take.
Policy priorities and institutional reforms
- Continued improvement in public financial management is emphasized.
- Advances in transparency and anti-corruption would strengthen efficiency and accountability of the public sector.
Content in this bundle
- Executive Summary