Ecuador: Sixth Review under the Extended Arrangement under the Extended Fund Facility and Financing Assurances Review-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Ecuador

International Monetary Fund

No 2022/378, IMF Staff Country Reports from International Monetary Fund

Abstract: Economic recovery is ongoing. Real GDP is expected to expand by 2.7 percent in 2022, slightly lower than expected in the last review due to the protests-related disruptions in June and slower growth in trading partners. Inflationary pressures have risen, driven by higher food and transport prices and non-tradeable services, with the headline inflation expected to reach 3.8 percent yoy at end-2022. Tighter financing conditions for all EMs, and an increasingly challenging domestic political environment sharply increased spreads and postponed international market access. The government remains committed to the Fund-supported program under the Extended Fund Facility (EFF) of SDR 4,615 million (661 percent of quota, about $6.5 billion) that was approved by the IMF Executive Board on September 30, 2020. Upon completion of the Sixth and final Review under the EFF-supported program—the first IMF program Ecuador will have completed in more than two decades— an additional SDR 497 million (about $700 million) would be made available.

Keywords: healthcare obligation; healthcare expenditure; audit result; EFF arrangement; IMF program Ecuador; Energy subsidies; Fiscal stance; Oil; Global; Western Hemisphere (search for similar items in EconPapers)
Pages: 110
Date: 2022-12-16
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