Ecuador: Staff Report for the 2003 Article IV Consultation, Request for a Stand-By Arrangement, and Approval of an Exchange Restriction
April 7, 2003
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This paper assesses Ecuador’s 2003 Article IV Consultation, a Request for a Stand-By Arrangement (SBA), and Approval of an Exchange Restriction. The main objectives of the fiscal program are to address immediate liquidity constraints and to bring expenditure growth under control, consistent with the demands of dollarization. The government has moved quickly to implement a package of politically difficult revenue measures. Although recognizing the risks involved, the IMF staff supports Ecuador’s request for a new SBA in support of the government’s economic program.
Subject: Banking, Commodities, Economic sectors, Expenditure, Oil, Oil prices, Prices, Public debt, Public sector
Keywords: Banco del Pacifico, CR, executive board discussion, expenditure growth, fiscal consolidation objective, Global, government, ISCR, Oil, Oil prices, policy, policy slippage, Public sector, repurchase expectation, revenue buoyancy, SDR
Pages:
98
Volume:
2003
DOI:
Issue:
090
Series:
Country Report No. 2003/090
Stock No:
1ECUEA0022003
ISBN:
9781451811797
ISSN:
1934-7685
