Ecuador: Ex-Post Evaluation of Exceptional Access under the 2020 Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 381

Publication date: December 2023

ISBN: 9798400260223

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

International - Economics , Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , EFF arrangement , dollarization regime , EFF program , fund policy , EFF approval , Oil prices , Energy subsidies , Fiscal consolidation , Global

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Summary

The Executive Board approved a 27-month Extended Fund Facility (EFF) for Ecuador on September 30, 2020. The EFF supported program built on an earlier EFF arrangement in 2019, which had been canceled, and came on the heels of a Rapid Financing Instrument (RFI) purchase in 2020. With a total access of US$6.5 billion, the 2020 EFF brought Ecuador’s cumulative access to 897 percent of quota, triggering exceptional access (EA). After five purchases and with some of the reviews combined, the arrangement expired in December 2022.