Washington, DC: An International Monetary Fund (IMF) team led by Patrizia Tumbarello held remote and in-person discussions with the Ecuadorian authorities during November 17-December 1, 2025, on the Fourth Review of the country’s 48-month Extended Fund Facility (EFF) Arrangement.
Upon the conclusion of the discussions, Ms. Tumbarello issued the following statement:
“We are pleased to announce that IMF staff have reached a staff-level agreement with the Ecuadorian authorities on the Fourth Review under the EFF arrangement, with Board consideration expected in the coming weeks. Subject to approval of this Review by the IMF Executive Board and confirmation of international partners’ financial commitments, Ecuador would have immediate access to about US$620 million (SDR 438.4 million). The authorities’ program has also catalyzed additional financial support from multilateral partners.
“Real GDP rebounded strongly in the first three quarters of the year, driven by a recovery in domestic demand and buoyant nonoil exports. The current account (CA) balance continues recording sizable surpluses, supporting a steady improvement in international reserve buffers. Liquidity in the financial system continues to support credit growth. Despite lower oil prices, the economy has shown remarkable resilience.
“The authorities continue to make significant progress in implementing their economic reform plan supported by the EFF arrangement. They met all quantitative performance criteria (QPCs) for end-October 2025 for the fourth review and all indicative targets (ITs) for which data are available. They have taken firm actions to strengthen fiscal sustainability and liquidity buffers, while protecting the most vulnerable. Accordingly, government deposits and liquidity conditions have improved, and sovereign spreads have substantially narrowed. In addition, the authorities continued advancing their ambitious structural reform agenda to safeguard financial stability, enhance governance, and boost private investment and job-rich growth.
“The authorities’ policy actions and reforms are helping to enhance macroeconomic and financial stability, safeguard dollarization, strengthen fiscal sustainability, and protect vulnerable groups, and are expected to support a stronger and more inclusive economic growth.
“The IMF staff would like to thank the Ecuadorian authorities for constructive discussions during this Review process.”
