The International Monetary Fund announced that staff have reached a staff-level agreement with the Ecuadorian authorities on the Fifth Review under Ecuador’s 48-month Extended Fund Facility arrangement. IMF Executive Board consideration is expected in the coming weeks and, subject to Board approval and confirmation of international partners’ financial commitments, Ecuador would have immediate access to about USD 394 million (SDR 280.5 million), with the programme also catalyzing additional multilateral financial support. The IMF cited a strong rebound in real GDP in 2025, supported by recovering domestic demand and buoyant nonoil exports, alongside continued credit growth and sizable current account surpluses that have lifted international reserve buffers to a historic high; higher global oil prices were expected to further improve fiscal and external positions. To address fiscal underperformance in late 2025 and return to the programme’s fiscal consolidation path, the authorities enacted measures to streamline tax expenditures, strengthen fiscal revenue, and improve public spending efficiency while increasing space for priority social and investment spending; all other programme targets remained in line, and two structural benchmarks on the mining sector’s fiscal regime and the Anti-Money Laundering/Combating the Financing of Terrorism framework were met. The statement also noted Ecuador’s return to international capital markets in January 2026 for the first time since 2019 via a USD 4 billion bond issuance, including a USD 3 billion debt buy-back operation, which improved government deposits. Next steps are IMF Executive Board consideration of the review in the coming weeks, with disbursement contingent on Board approval and confirmation of partners’ financial commitments.
International Monetary Fund 2026-03-31
International Monetary Fund reaches staff-level agreement on Ecuador’s fifth EFF review with potential USD 394 million disbursement
The International Monetary Fund announced a staff-level agreement with Ecuadorian authorities on the Fifth Review under Ecuador’s 48‑month Extended Fund Facility, which, subject to Executive Board approval and confirmation of international partners’ commitments, would provide immediate access to about USD 394 million and catalyze further multilateral support. The IMF highlighted a strong rebound in real GDP in 2025, improved external and fiscal positions, corrective fiscal measures, and the meeting of key structural benchmarks on the mining sector’s fiscal regime and the Anti‑Money Laundering/Combating the Financing of Terrorism framework, alongside Ecuador’s return to international capital markets in January 2026.