IMF Staff Country Reports

This paper discusses Ecuador’s Fourth Review under the Extended Arrangement under the Extended Fund Facility, Request for Modification of Performance Criteria, and Financing Assurances Review. The Ecuadorian authorities have made significant progress in the implementation of their economic program, supported by the EFF arrangement. Real gross domestic product continues recovering amid low inflation, driven by domestic demand and record nonoil exports. The current account balance keeps on recording sizable surpluses, supporting a sustained rise in international reserves. Overall risks to the outlook remain elevated but are mitigated by the authorities’ decisive policy steps and continued strong program performance and commitment to reforms. The authorities have met all end-October 2025 quantitative performance criteria for the fourth review and indicative targets for which final data are available. Preliminary data suggest that indicative targets for the nonfinancial public sector have also been met. The authorities continue making progress in the implementation of structural benchmarks and remain committed to further advancing their reform agenda.