## 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

_IMF Staff Country Reports, December 4, 2023_

## Source details

**Canonical URL:** [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](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/12/04/ecuador-ex-post-evaluation-of-exceptional-access-under-the-2020-extended-fund-facility-541992/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/12/04/ecuador-ex-post-evaluation-of-exceptional-access-under-the-2020-extended-fund-facility-541992/index.json)
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## Bibliographic details
- Published: December 4, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400260223.002

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### Main findings
- 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.

### Policy implications and recommendations
- 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 areas and keywords
- 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

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## Content in this bundle

- **APPENDIX II: Press Release**
  - [APPENDIX II: Press Release (Markdown version)](/-/media/files/publications/cr/2023/english/1ecuea2023002.pdf.md){rel="alternate" type="text/markdown"}
  - [APPENDIX II: Press Release (PDF)](/-/media/files/publications/cr/2023/english/1ecuea2023002.pdf){rel="external" type="application/pdf"}

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_Source: 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_