Imf Ecuador Staff Level Agreement

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Ecuador and Staff of the International Monetary Fund (IMF) have agreed on a series of measures to support a $4.2 billion (435 per cent quota and SDR 3.035 billion) agreement under the IMF`s Expanded FUND Facility (EFFP). The agreement, subject to IMF board approval, would support the Ecuadorian government`s economic policy over the next three years. We welcome the strong political measures taken by the authorities to contain the COVID 19 epidemic and the efforts they continue to make to advance their reform agenda, while pledging to further stabilize the economy and strengthen social assistance to protect vulnerable families in Ecuador. New infections and deaths of COVID-19 have eased from the high levels of the beginning of the year, and the Ecuadorian economy has shown tentative signs of recovery since the start of the reopening in July. IMF staff will submit a report for approval by the Fund`s management setting out the terms of a decision by the IMF`s Executive Board. (Report by Rodrigo Campos; Editor-in-Chief: Sandra Maler) Anna Ivanova, IMF Head of Mission for Ecuador, concluded staff-level discussions with the Quito authorities: « I am pleased to announce that IMF staff and the Ecuadorian authorities have reached an agreement to support Ecuador`s economic policy plan. Our goal was and remains to support the efforts of the authorities to improve the standard of living of all Ecuadorians. The agreement is part of a broader effort by the international community, which over the next three years includes nearly $6 billion in financial assistance from the Latin Development Bank (CAF), the Inter-American Development Bank (TSA), the Latin American Reserve Fund (FLAR) and the World Bank. « The IMF team and the Ecuadorian authorities have reached a staff-level agreement on the first revision of Ecuador`s economic programme, supported by a 27-month extended fund facility (EFF). The agreement is subject to the agreement of IMF management and the Board of Directors in the coming weeks, based on the implementation of previous measures by the authorities and the implementation of all capital policies. Once the investigation is complete, Ecuador would have access to about $2 billion (SDR 1.42 billion). « I am pleased to announce that the Ecuadorian authorities and the IMF team have reached a staff-level agreement to support the authorities` economic policy with a new expanded 27-month facility (FEP) with requested access of SDR 4.6 billion (equivalent to $6.5 billion).