Ecuador : 2016 Article IV Consultation-Press Release and Staff Report
Author/Editor:
International Monetary Fund. Western Hemisphere Dept.
Publication Date:
March 21, 2019
Electronic Access:
Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Declining oil prices, U.S. dollar appreciation, and limited access to international financing have worsened the fiscal, economic, and financial outlook. The situation has been exacerbated by the fact that Ecuador had not build up financial reserves during the period of high oil prices and is therefore now facing a large unresolved financing gap. Then, on April 16, Ecuador was hit by a 7.8magnitude earthquake which created new fiscal and balance of payments needs. The authorities’ policy response to the imbalances has been timely but still insufficient given the size of the shocks, the urgent nature of the vulnerabilities, and reduced foreign currency reserves. Real GDP is expected to contract significantly this year and next.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
