Ecuador: Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
Sep 2016 · International Monetary Fund
Ebook
38
Pages
About this ebook
On April 16, Ecuador was hit by a strong 7.8magnitude earthquake which has created new fiscal and balance of payments needs. The earthquake compounds the existing difficulties facing Ecuador that include declining oil prices, U.S. dollar appreciation, low international reserves, and limited access to international financing, which have worsened the fiscal, economic, and financial outlook. The authorities’ policy response to the earthquake has been timely, but limited access to financing and a weak fiscal position constrain the ability to pursue a deeper emergency and reconstruction response. Real GDP is expected to contract significantly this year and the next.
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