IMF staff and the Ecuadorian authorities have reached a staff-level agreement on a program of economic policies and structural reforms, supported by a 48-month arrangement under the Extended Fund Facility (EFF).
Amid a challenging macroeconomic outlook, the new EFF arrangement will support Ecuador as it continues to make progress to help strengthen fiscal sustainability, safeguard macroeconomic stability, and foster strong and inclusive growth, while protecting the most vulnerable.
USA / ECUADOR – IMF staff and the Ecuadorian authorities have reached a staff-level agreement on a set of policies to underpin a 48-month arrangement under the EFF in the amount of SDR 3 billion (about US$4 billion and 430 percent of quota). This arrangement, which is subject to IMF Management and Executive Board approval, would provide support for Ecuador’s economic policies over the next four years.
Varapat Chensavasdijai, the IMF’s mission chief for Ecuador, issued the following statement at the conclusion of discussions with the authorities:
“I am pleased to announce that IMF staff and the Ecuadorian authorities have reached an agreement in support of Ecuador’s economic policy plan. Amid a challenging macroeconomic outlook, our objective has been and remains to support the authorities’ efforts to improve the living standards of all Ecuadorians, with a focus on protecting the most vulnerable and promoting sustainable growth.
“The IMF staff welcomes the reform efforts taken by the authorities to help strengthen fiscal sustainability, safeguard macroeconomic stability, and foster a stronger and more inclusive economy. The authorities have put together a robust plan and have started to take important policy steps to address the liquidity and fiscal situation.”
“The staff team would like to thank the authorities for the productive collaboration and constructive and candid policy dialogue.”
IMF Communications Department
The post IMF reaches staff-level agreement with Ecuador appeared first on Caribbean News Global.
