Via IMF (Den Internationale Valutafond)

Statement by IMF Managing Director Kristalina Georgieva on Ecuador

March 23, 2020

Washington, DC Ms. Kristalina Georgieva, Managing Director of the International Monetary
Fund (IMF) issued the following statement:

“Like many other countries, Ecuador’s economic challenges have been
compounded by the devastating effects of the COVID-19 outbreak and the
sharp fall in world oil prices. President Lenin Moreno and his government
have responded quickly and decisively to help protect Ecuadorians from the
impact of these rapidly evolving global developments, by putting in place a
series of measures to stabilize the economy and prevent the further spread
of the virus. In the context of adverse global developments, Ecuador is
facing severe financing constraints and will require the support of all its

“In light of urgent need to quickly step up action to protect people and
the economy, the Government of Ecuador expressed its intention to seek our
financial support through the Fund’s Rapid Financing Instrument (RFI). This
emergency financial tool will allow the government to address urgent
balance of payments needs and will support policies that would make it
possible to direct funds swiftly to Ecuador’s most affected sectors,
including the healthcare system and social protection, to bolster its
response to COVID-19. Our team is working expeditiously to respond to this
request so that a proposal can be considered by the IMF’s Executive Board.

“In parallel, my staff is immediately engaging with the authorities on a
successor Fund-supported arrangement that builds on the current Extended
Fund Facility (EFF), to bolster Ecuador’s economic performance, strengthen
the foundations of dollarization, and deliver broad based benefits for all
Ecuadorians, especially the most vulnerable part of the population.

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“Our objective is to provide immediate support to help Ecuador address the
effects of a mounting global health crisis, while continuing to support the
authorities’ unwavering commitment to implement much-needed economic and
structural reforms aimed at fostering strong, sustainable and inclusive

IMF Communications Department


Phone: +1 202 623-7100Email: