{
  "title": "IMF Reaches Staff-Level Agreement on the Fifth Review under Ecuador’s Extended Fund Facility Arrangement",
  "publication": "IMF News, March 31, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/03/31/pr-26099-ecuador-imf-reaches-agreement-on-5th-rev-under-ecuador-eff-arrang",
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  "summary": "An International Monetary Fund (IMF) team led by Patrizia Tumbarello held discussions with the Ecuadorian authorities in Quito during February 26–March 6, 2026 and in Washington, DC during March 16-27 on the Fifth Review of the country’s 48-month Extended Fund Facility (EFF) Arrangement.",
  "publishDate": "2026-03-31",
  "sections": [
    {
      "heading": "Mission and procedural status",
      "content": "- IMF team led by Patrizia Tumbarello held discussions with Ecuadorian authorities in Quito during February 26–March 6, 2026 and in Washington, DC during March 16-27, 2026.\n- Staff-level agreement reached on the Fifth Review under the country’s 48-month Extended Fund Facility (EFF) Arrangement.\n- IMF Executive Board consideration expected in the coming weeks.\n- Subject to Board approval and confirmation of international partners’ financial commitments, Ecuador would have immediate access to about US$394 million (SDR 280.5 million)."
    },
    {
      "heading": "Macroeconomic performance and external positions",
      "content": "- Real GDP rebounded strongly in 2025, driven by a recovery in domestic demand and buoyant nonoil exports.\n- Liquidity in the financial system continues to facilitate credit growth.\n- The current account balance continues recording sizable surpluses.\n- International reserves have recorded a sustained rise to a historic high.\n- The recent rise in global oil prices is expected to further improve the fiscal and external positions amid an uncertain and challenging external environment."
    },
    {
      "heading": "Fiscal outcomes, financing, and market access",
      "content": "- Ecuador successfully returned to international capital markets in January 2026 for the first time since 2019, with a bond issuance of US$4 billion (including a debt buy-back operation of US$3 billion).\n- Government deposits have improved, helping mitigate financing and liquidity risks.\n- The authorities have taken actions to return to the program’s fiscal consolidation path after fiscal underperformance in late 2025."
    },
    {
      "heading": "Program implementation, reforms, and structural benchmarks",
      "content": "- Authorities continue implementing their economic reform plan supported by the EFF arrangement and remain strongly committed to program objectives and policies.\n- Measures enacted to:\n  - streamline tax expenditures,\n  - strengthen fiscal revenue, and\n  - enhance public expenditure efficiency.\n- These measures aim to correct the fiscal underperformance of late 2025 and return to the program’s fiscal consolidation path while increasing space for priority social and investment spending.\n- Two key structural benchmarks have been met:\n  - the mining sector’s fiscal regime, and\n  - the Anti-Money Laundering/Combating the Financing of Terrorism framework.\n- Authorities continue advancing structural reforms to:\n  - safeguard financial stability,\n  - enhance governance, and\n  - boost private investment and job-rich growth."
    },
    {
      "heading": "Policy implications and outlook",
      "content": "- The authorities remain committed to continuing implementation of the reform agenda to:\n  - strengthen fiscal sustainability,\n  - boost private investment and job-rich growth,\n  - safeguard dollarization,\n  - strengthen macroeconomic and financial stability, and\n  - protect vulnerable groups while promoting stronger and more inclusive economic growth.\n- The program has catalyzed additional financial support from multilateral partners.\n\nInternational Monetary Fund press release No. 26/099, March 31, 2026.\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/2026/03/31/pr-26099-ecuador-imf-reaches-agreement-on-5th-rev-under-ecuador-eff-arrang"
    }
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    "Published: March 31, 2026",
    "IMF team led by Patrizia Tumbarello held discussions with Ecuadorian authorities in Quito during February 26–March 6, 2026 and in Washington, DC during March 16-27, 2026.",
    "Staff-level agreement reached on the Fifth Review under the country’s 48-month Extended Fund Facility (EFF) Arrangement.",
    "IMF Executive Board consideration expected in the coming weeks.",
    "Subject to Board approval and confirmation of international partners’ financial commitments, Ecuador would have immediate access to about US$394 million (SDR 280.5 million).",
    "Real GDP rebounded strongly in 2025, driven by a recovery in domestic demand and buoyant nonoil exports.",
    "Liquidity in the financial system continues to facilitate credit growth.",
    "The current account balance continues recording sizable surpluses.",
    "International reserves have recorded a sustained rise to a historic high.",
    "The recent rise in global oil prices is expected to further improve the fiscal and external positions amid an uncertain and challenging external environment.",
    "Ecuador successfully returned to international capital markets in January 2026 for the first time since 2019, with a bond issuance of US$4 billion (including a debt buy-back operation of US$3 billion).",
    "Government deposits have improved, helping mitigate financing and liquidity risks.",
    "The authorities have taken actions to return to the program’s fiscal consolidation path after fiscal underperformance in late 2025.",
    "Authorities continue implementing their economic reform plan supported by the EFF arrangement and remain strongly committed to program objectives and policies.",
    "Measures enacted to:",
    "These measures aim to correct the fiscal underperformance of late 2025 and return to the program’s fiscal consolidation path while increasing space for priority social and investment spending.",
    "Two key structural benchmarks have been met:",
    "Authorities continue advancing structural reforms to:",
    "The authorities remain committed to continuing implementation of the reform agenda to:",
    "The program has catalyzed additional financial support from multilateral partners.",
    "[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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