IMF Reaches Staff-Level Agreement on the Second and Third Review of Ecuador’s Economic Program under the Extended Fund Facility
December 10, 2019
IMF staff and the Ecuadorian authorities reached a staff level agreement on
the combined second and third reviews of the economic program supported by
a three-year Extended Fund Facility (EFF) arrangement. Discussions took
place in Quito during August 12–26, 2019 and in Washington, D.C. during
November 11–15, 2019.
Ms. Anna Ivanova issued the following statement in Washington, D.C. today:
“IMF staff and the Ecuadorian authorities reached a staff level agreement
on the combined second and third reviews of the economic program supported
by a three-year Extended Fund Facility (EFF) arrangement. Subject to the
approval of the Executive Board, Ecuador would have access to about US$498
million (SDR 361.3 million). The Executive Board’s review is expected to
take place on December 19.
“We commend the authorities’ strong commitment to implement policies aimed
at strengthening the Ecuadorian economy and laying the groundwork for
robust and sustainable growth, while protecting the most vulnerable.
“We welcome the approval of the tax reform by the National Assembly, which
will make the tax system more efficient, simple, and growth-friendly and
improve Ecuador’s fiscal position.
“The authorities remain strongly committed to improving social protection
for the vulnerable people. Progress has already been made in strengthening
the social safety net and expanding the coverage of beneficiaries.
“IMF staff would like to thank the authorities and the technical team for
their candid and constructive discussions.”
IMF Communications Department
PRESS OFFICER: Maria Candia
Phone: +1 202 623-7100Email: MEDIA@IMF.org