{
  "title": "Ecuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ecuador",
  "publication": "IMF Staff Country Reports, October 5, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/10/02/ecuador-request-for-an-extended-arrangement-under-the-extended-fund-facility-press-release-49803",
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  "summary": "On May 1, 2020, the Executive Board approved an RFI (US$643 million, 67.3 percent of quota), to support the urgent needs of the Ecuadorean economy in the wake of COVID-19 crisis, and the authorities cancelled the three-year Extended Fund Facility arrangement (US$ 4.2 billion, 435 percent of quota).",
  "sections": [
    {
      "heading": "Summary of recent IMF interactions and request",
      "content": "- On May 1, 2020, the Executive Board approved an RFI of US$643 million, 67.3 percent of quota, to support the urgent needs of the Ecuadorean economy in the wake of the COVID-19 crisis.\n- The authorities cancelled the three-year Extended Fund Facility arrangement of US$ 4.2 billion, 435 percent of quota.\n- The macroeconomic situation deteriorated after the RFI, prompting the authorities to request a 27-month Extended Fund Facility (EFF) of SDR 4.615 billion (about US$6.5 billion, 661 percent of quota).\n- The requested EFF aims to: restore macroeconomic stability, support the most vulnerable groups, and advance the structural reform agenda initiated under the previous EFF."
    },
    {
      "heading": "Key figures and publication metadata",
      "content": "- RFI approved: US$643 million, 67.3 percent of quota (May 1, 2020).\n- Cancelled previous EFF arrangement: US$ 4.2 billion, 435 percent of quota.\n- New EFF request: SDR 4.615 billion (about US$6.5 billion, 661 percent of quota), duration 27 months.\n- Publication date: October 5, 2020.\n- Pages: 129.\n- Volume: 2020.\n- Issue: 286.\n- Series: Country Report No. 2020/286.\n- DOI: https://doi.org/10.5089/9781513558608.002\n- ISBN: 9781513558608\n- ISSN: 1934-7685"
    },
    {
      "heading": "Thematic focus and policy objectives",
      "content": "- Restore macroeconomic stability:\n  - Use of a 27-month EFF to address fiscal and balance-of-payments needs following COVID-19 related deterioration.\n- Protect vulnerable populations:\n  - Support measures aimed at the most vulnerable groups during the crisis period.\n- Advance structural reforms:\n  - Continue and advance the structural reform agenda initiated under the previous EFF arrangement.\n\nEcuador: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ecuador\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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    "Published: October 5, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513558608.002",
    "On May 1, 2020, the Executive Board approved an RFI of US$643 million, 67.3 percent of quota, to support the urgent needs of the Ecuadorean economy in the wake of the COVID-19 crisis.",
    "The authorities cancelled the three-year Extended Fund Facility arrangement of US$ 4.2 billion, 435 percent of quota.",
    "The macroeconomic situation deteriorated after the RFI, prompting the authorities to request a 27-month Extended Fund Facility (EFF) of SDR 4.615 billion (about US$6.5 billion, 661 percent of quota).",
    "The requested EFF aims to: restore macroeconomic stability, support the most vulnerable groups, and advance the structural reform agenda initiated under the previous EFF.",
    "RFI approved: US$643 million, 67.3 percent of quota (May 1, 2020).",
    "Cancelled previous EFF arrangement: US$ 4.2 billion, 435 percent of quota.",
    "New EFF request: SDR 4.615 billion (about US$6.5 billion, 661 percent of quota), duration 27 months.",
    "Publication date: October 5, 2020.",
    "Pages: 129.",
    "Volume: 2020.",
    "Issue: 286.",
    "Series: Country Report No. 2020/286.",
    "DOI: https://doi.org/10.5089/9781513558608.002",
    "ISBN: 9781513558608",
    "ISSN: 1934-7685",
    "Restore macroeconomic stability:",
    "Protect vulnerable populations:",
    "Advance structural reforms:",
    "**Executive Summary**"
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