Ecuador: Staff Report for the 2003 Article IV Consultation, Request for a Stand-By Arrangement, and Approval of an Exchange Restriction

Volume/Issue: Volume 2003 Issue 090

Publication date: April 2003

ISBN: 9781451811797

$20.00

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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.

Banks and Banking , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , policy slippage , government , SDR , repurchase expectation , policy , executive board discussion , fiscal consolidation objective , expenditure growth , revenue buoyancy , Banco del Pacifico , Public sector , Oil prices , Oil , Global

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Peru

Grenada

Nepal

Republic of Congo : 2001 Article IV

Summary

This paper assesses Ecuador’s 2003 Article IV Consultation, a Request for a Stand-By Arrangement (SBA), and Approval of an Exchange Restriction. The main objectives of the fiscal program are to address immediate liquidity constraints and to bring expenditure growth under control, consistent with the demands of dollarization. The government has moved quickly to implement a package of politically difficult revenue measures. Although recognizing the risks involved, the IMF staff supports Ecuador’s request for a new SBA in support of the government’s economic program.