## Ecuador: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

_IMF Staff Country Reports, October 21, 2015_

## Source details

**Canonical URL:** [Ecuador: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ecuador](https://www.imf.org/en/publications/cr/issues/2016/12/31/ecuador-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-43351)

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## Bibliographic details
- Published: October 21, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513519074.002

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### Overview and Main Findings
- Since the fourth quarter of 2014, the economy of Ecuador has been hit by external shocks and is slowing down.
- The sharp decline in the international oil price, "by about half for the Ecuadorian mix," significantly undercut oil revenues.
- Competitiveness is being eroded by the real appreciation of the exchange rate.
- Bank liquidity conditions have tightened, credit growth has slowed, and nonperforming loans have risen amid the slowdown.
- Despite the slowdown, inflation is picking up.
- Owing to the shocks and expected adjustment, the economy is projected to contract somewhat in 2015, while the external position deteriorates.

### Subject Areas Highlighted
- Banking
- Commodities
- Economic sectors
- Fiscal policy
- Fiscal stance
- Oil
- Oil prices
- Prices
- Public debt
- Public sector

### Keywords and Terms Used in the Report
- appreciation
- Central America
- central bank
- CR
- dollarized economy
- economy
- Ecuadorian economy
- Ecuadorian government
- financial asset
- Fiscal stance
- Global
- government
- ISCR
- monetary regime
- Oil
- Oil prices
- Public sector
- strategic vision

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/ecuador-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-43351_