IMF Staff Country Reports

This paper presents Ecuador’s Ex-Post Evaluation of Exceptional (EPE) Access under the 2020 Extended Fund Facility (EFF). The EPE report finds that the EFF program achieved its primary objective of restoring macroeconomic stability against the backdrop of a historic economic downturn. Most of the program conditionality was eventually implemented, despite some delays to fiscal and structural reforms. The authorities strengthened fiscal buffers, taking advantage of higher oil prices. Fiscal structural reforms comprehensively revamped Ecuador’s fiscal framework, although their successful implementation will hinge on building and retaining institutional capacity. The report also finds that extensive technical assistance provided to the authorities has helped to strengthen capacity in critical areas, especially fiscal accounting. The report also finds that extensive technical assistance provided to the authorities has helped to strengthen capacity in critical areas, especially fiscal accounting. Ultimately, reform efforts will need to be reinvigorated to ensure fiscal sustainability and restore market access. Finally, the EPE finds that Fund policies and procedures for financing under exceptional access were followed.