{
  "title": "IMF Reaches Staff-Level Agreement on the Second and Third Review of Ecuador’s Economic Program under the Extended Fund Facility",
  "publication": "IMF News, December 10, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/12/10/pr19449-ecuador-imf-reaches-staff-level-agreement-second-third-review-economic-program-eff",
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  "summary": "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.",
  "publishDate": "2019-12-10",
  "sections": [
    {
      "heading": "Agreement and reviews",
      "content": "- 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.\n- Discussions took place in Quito during August 12–26, 2019 and in Washington, D.C. during November 11–15, 2019.\n- Statement issued by Ms. Anna Ivanova in Washington, D.C. on December 10, 2019."
    },
    {
      "heading": "Financial access and timelines",
      "content": "- Subject to the approval of the Executive Board, Ecuador would have access to about US$498 million (SDR 361.3 million).\n- The Executive Board’s review is expected to take place on December 19."
    },
    {
      "heading": "Policy measures and assessments",
      "content": "- 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.\n- The IMF welcomes the approval of the tax reform by the National Assembly, noting it will:\n  - make the tax system more efficient, simple, and growth-friendly, and\n  - improve Ecuador’s fiscal position."
    },
    {
      "heading": "Social protection",
      "content": "- The authorities remain strongly committed to improving social protection for the vulnerable people.\n- Progress has already been made in strengthening the social safety net and expanding the coverage of beneficiaries."
    },
    {
      "heading": "Process and acknowledgements",
      "content": "- IMF staff thanked the authorities and the technical team for their candid and constructive discussions."
    },
    {
      "heading": "Media contact",
      "content": "- PRESS OFFICER: Maria Candia\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n- @IMFSpokesperson\n\nIMF Press Release No. 19/449 — December 10, 2019\n\n---\n\n\n References\n\n- Ecuador and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/12/10/pr19449-ecuador-imf-reaches-staff-level-agreement-second-third-review-economic-program-eff"
    }
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    "Published: December 10, 2019",
    "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.",
    "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.",
    "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:",
    "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.",
    "IMF staff thanked the authorities and the technical team for their candid and constructive discussions.",
    "PRESS OFFICER: Maria Candia",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "@IMFSpokesperson",
    "[Ecuador and the IMF](http://www.imf.org/external/country/ECU/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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