{
  "title": "Ecuador: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador",
  "publication": "IMF Staff Country Reports, December 23, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/12/23/ecuador-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-49980",
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  "summary": "On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access (SDR 4,615 million, 661 percent of quota, about $6.",
  "sections": [
    {
      "heading": "Program approval and financing",
      "content": "- On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access.\n- Financing amounts and terms:\n  - SDR 4,615 million\n  - 661 percent of quota\n  - about $6.5 billion"
    },
    {
      "heading": "Macroeconomic conditions and outlook",
      "content": "- Near-term developments:\n  - High frequency indicators point to improvements in economic activity after bottoming out in Q2.\n  - Oil prices have been declining relative to earlier assumptions.\n- Outlook:\n  - The macroeconomic outlook is described as broadly unchanged over the medium term."
    },
    {
      "heading": "Purpose and policy focus",
      "content": "- Objectives of the EFF arrangement:\n  - Help Ecuador restore macroeconomic stability.\n  - Pursue the unfinished structural agenda from the previous program."
    },
    {
      "heading": "Key factual points and indicators",
      "content": "- Program duration: 27-month arrangement.\n- Approval date: September 30, 2020.\n- Exceptional access: SDR 4,615 million; 661 percent of quota; about $6.5 billion.\n- Recent economic turning point: activity bottomed out in Q2.\n- Price development: oil prices declining relative to earlier assumptions.\n- Report length: 103 pages.\n- Series and identifiers:\n  - Issue: 325\n  - Country Report No.: 2020/325\n  - DOI: https://doi.org/10.5089/9781513565743.002\n  - ISBN: 9781513565743\n  - ISSN: 1934-7685\n\nInternational Monetary Fund. Ecuador: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ecuador, December 23, 2020.\n\n---\n\n Content in this bundle\n\n- Ecuador — IMF Staff Report\n  - Ecuador — IMF Staff Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Ecuador — IMF Staff Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: December 23, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513565743.002",
    "On September 30, 2020, the IMF Executive Board approved a 27-month arrangement under the Extended Fund Facility (EFF) with exceptional access.",
    "Financing amounts and terms:",
    "Near-term developments:",
    "Outlook:",
    "Objectives of the EFF arrangement:",
    "Program duration: 27-month arrangement.",
    "Approval date: September 30, 2020.",
    "Exceptional access: SDR 4,615 million; 661 percent of quota; about $6.5 billion.",
    "Recent economic turning point: activity bottomed out in Q2.",
    "Price development: oil prices declining relative to earlier assumptions.",
    "Report length: 103 pages.",
    "Series and identifiers:",
    "**Ecuador — IMF Staff Report**"
  ],
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