Ecuador maintains an economic program with the International Monetary Fund (IMF). The review was originally scheduled for this month.
The Minister of Economy and Finance, Simón Cueva, announced that it is planned that the International Monetary Fund (IMF) review the program that it maintains with Ecuador in January. Initially, the appointment was scheduled for this month.
Cueva indicated, during a discussion with the media in Guayaquil, that the times varied since the appearance of the new variant omicron. “Things are progressing well and, therefore, we are going to carry out the next multilateral review without a problem,” he said.
Ecuador will receive $ 800 million after the ratification of the technical agreement by the IMF board
The head of the Finance portfolio reaffirmed that, from the Government, they have maintained very good and close relations with multilaterals. In fact, he explained that this has allowed all the financing that has been received from abroad to have been in long terms and low rates.
“This government has not obtained financing with oil collateral or commercial financing at expensive rates or financing with short margin. Which ensures that the sustainability of public debt it is getting stronger, ”Cueva said.
The Minister of Economy reiterated that there is permanent contact with the international community. He cited, for example, that a couple of weeks the Inter-American Development Bank (IDB) approved $ 500 million to support the Ecuadorian program; A few days ago, credits were signed with the Development Bank of Latin America (CAF); and, additionally, the World Bank is considering a new operation close to $ 700 million in the coming weeks.
Economic Development and Fiscal Sustainability Law
The Finance Minister recalled that one of the objectives of the law, which came into force on November 29, is to reduce the deficit. “It is an effort that takes time, which cannot be immediate. You have to make sure that this effort is permanent over time ”, he explained.
Cueva reiterated that the law requires that an effort be made by who else have in Ecuador to generate more permanent income. “We are not raising taxes, we are not increasing tax revenues to spend more; we are doing it to reduce deficit, fiscal spending and, at the same time, protecting social spending in education, bonuses, child malnutrition ”, he pointed out. (I)
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