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
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Business and Economics , 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
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.
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