{
  "title": "Ecuador: Second and Third Reviews Under The Extended Fund Facility Arrangement and Request for a Waiver of Nonobservance and Modifications of Performance Criteria — Press Release and Staff Report",
  "publication": "IMF Staff Country Reports, December 20, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/12/20/ecuador-second-and-third-reviews-under-the-extended-fund-facility-arrangement-and-request-48898",
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  "summary": "This paper discusses Ecuador’s Second and Third Reviews Under the Extended Fund Facility Arrangement and Request for a Waiver of NonObservance and Modifications of Performance Criteria.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The Ecuadorian authorities have continued to make progress in strengthening the country’s fiscal and external positions.\n- The authorities have appropriately recalibrated their economic program to include a more moderate fiscal consolidation and international reserves’ paths in response to recent developments and to protect pro-poor growth and social spending.\n- Public financial management reforms are paramount to secure fiscal sustainability in the longer term.\n- Reform of the central bank aimed at strengthening central bank autonomy, accountability, and governance will be instrumental in:\n  - supporting the dollarization regime,\n  - boosting reserves,\n  - ensuring their prudent management.\n- Efforts to raise competitiveness should continue to focus on:\n  - improving transparency,\n  - strengthening governance,\n  - increasing efficiency of the public sector,\n  - creating conditions in the labor market to facilitate hiring and female participation."
    },
    {
      "heading": "Policy recommendations and program adjustments",
      "content": "- Recalibrate fiscal consolidation to be more moderate to protect pro-poor growth and social spending.\n- Pursue public financial management reforms to secure long-term fiscal sustainability.\n- Advance central bank reform to strengthen autonomy, accountability, and governance to support the dollarization regime and prudent reserve management.\n- Continue structural reforms to raise competitiveness through transparency, governance, public-sector efficiency, and labor-market measures to facilitate hiring and female participation.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2019/12/20/ecuador-second-and-third-reviews-under-the-extended-fund-facility-arrangement-and-request-48898/index.md)",
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    "Published: December 20, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513523859.002",
    "The Ecuadorian authorities have continued to make progress in strengthening the country’s fiscal and external positions.",
    "The authorities have appropriately recalibrated their economic program to include a more moderate fiscal consolidation and international reserves’ paths in response to recent developments and to protect pro-poor growth and social spending.",
    "Public financial management reforms are paramount to secure fiscal sustainability in the longer term.",
    "Reform of the central bank aimed at strengthening central bank autonomy, accountability, and governance will be instrumental in:",
    "Efforts to raise competitiveness should continue to focus on:",
    "Recalibrate fiscal consolidation to be more moderate to protect pro-poor growth and social spending.",
    "Pursue public financial management reforms to secure long-term fiscal sustainability.",
    "Advance central bank reform to strengthen autonomy, accountability, and governance to support the dollarization regime and prudent reserve management.",
    "Continue structural reforms to raise competitiveness through transparency, governance, public-sector efficiency, and labor-market measures to facilitate hiring and female participation.",
    "**Executive Summary**"
  ],
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