The International Monetary Fund (IMF) and Ecuador reached an agreement at the technical staff level on the second and third review of the economic program of the Latin American country within the framework of the Expanded Service (SAF), as reported in a statement.

Once the reviews are completed, Ecuador would have access to financing for some 800 million dollars, which the country’s authorities would use for budgetary needs. Ecuador’s SAF-supported economic program aims to underpin the recovery from the pandemic, restore fiscal sustainability, and generate sustainable growth with high-quality jobs.

The representative of the Fund who headed the agency’s mission in Ecuador, Ceyda Oner, reported that the agreement is subject to the approval of the IMF’s Executive Board in the coming weeks, conditional on the implementation by the authorities of prior actions and compliance of all relevant policies of the Fund.

“The economic program of the authorities supported by the IMF aims to support Ecuador’s recovery from the pandemic, expand social assistance to protect vulnerable families, promote transparent management of public resources, restore fiscal sustainability with equity and promote sustainable growth with high-quality jobs,” said Oner.

K. Tovar

Source: FMI

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