{
  "title": "Ecuador: Ex-Post Evaluation of Exceptional Access under the 2020 Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador",
  "publication": "IMF Staff Country Reports, December 4, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/12/04/ecuador-ex-post-evaluation-of-exceptional-access-under-the-2020-extended-fund-facility-541992",
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  "summary": "This paper presents Ecuador’s Ex-Post Evaluation of Exceptional (EPE) Access under the 2020 Extended Fund Facility (EFF). The EPE report finds that the EFF program achieved its primary objective of restoring macroeconomic stability against the backdrop of a historic economic downturn.",
  "sections": [
    {
      "heading": "Main findings",
      "content": "- The EFF program achieved its primary objective of restoring macroeconomic stability against the backdrop of a historic economic downturn.\n- Most of the program conditionality was eventually implemented, despite some delays to fiscal and structural reforms.\n- The authorities strengthened fiscal buffers, taking advantage of higher oil prices.\n- Fiscal structural reforms comprehensively revamped Ecuador’s fiscal framework, although their successful implementation will hinge on building and retaining institutional capacity.\n- Extensive technical assistance provided to the authorities has helped to strengthen capacity in critical areas, especially fiscal accounting.\n- Ultimately, reform efforts will need to be reinvigorated to ensure fiscal sustainability and restore market access.\n- The EPE finds that Fund policies and procedures for financing under exceptional access were followed."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Reinvigorate fiscal and structural reform implementation to secure fiscal sustainability.\n- Build and retain institutional capacity to ensure successful long-term implementation of fiscal structural reforms.\n- Continue and possibly expand technical assistance, with emphasis on fiscal accounting and other critical capacity areas.\n- Leverage commodity price upswings (notably oil prices) to strengthen buffers while consolidating reforms to restore market access."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Energy subsidies, Expenditure, Fiscal consolidation, Fiscal policy, International organization, Monetary policy, Oil prices, Prices, Public debt\n- Keywords: dollarization regime, EFF approval, EFF arrangement, EFF program, Energy subsidies, Fiscal consolidation, fund policy, Global, Oil prices\n\n---\n\n Content in this bundle\n\n- APPENDIX II: Press Release\n  - APPENDIX II: Press Release (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - APPENDIX II: Press Release (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: December 4, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400260223.002",
    "The EFF program achieved its primary objective of restoring macroeconomic stability against the backdrop of a historic economic downturn.",
    "Most of the program conditionality was eventually implemented, despite some delays to fiscal and structural reforms.",
    "The authorities strengthened fiscal buffers, taking advantage of higher oil prices.",
    "Fiscal structural reforms comprehensively revamped Ecuador’s fiscal framework, although their successful implementation will hinge on building and retaining institutional capacity.",
    "Extensive technical assistance provided to the authorities has helped to strengthen capacity in critical areas, especially fiscal accounting.",
    "Ultimately, reform efforts will need to be reinvigorated to ensure fiscal sustainability and restore market access.",
    "The EPE finds that Fund policies and procedures for financing under exceptional access were followed.",
    "Reinvigorate fiscal and structural reform implementation to secure fiscal sustainability.",
    "Build and retain institutional capacity to ensure successful long-term implementation of fiscal structural reforms.",
    "Continue and possibly expand technical assistance, with emphasis on fiscal accounting and other critical capacity areas.",
    "Leverage commodity price upswings (notably oil prices) to strengthen buffers while consolidating reforms to restore market access.",
    "Subject: Energy subsidies, Expenditure, Fiscal consolidation, Fiscal policy, International organization, Monetary policy, Oil prices, Prices, Public debt",
    "Keywords: dollarization regime, EFF approval, EFF arrangement, EFF program, Energy subsidies, Fiscal consolidation, fund policy, Global, Oil prices",
    "**APPENDIX II: Press Release**"
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