Skip to content
Subscriber Only
Business
Economics

Ecuador Released From Corrective Actions by IMF After Review

  • Ecuador shows commitment to providing accurate data, IMF says
  • IMF also approved $643 million in aid to deal with Covid-19
Azuay Prefecture workers deliver baskets with food in Cuenca, Ecuador, on April 30.

Azuay Prefecture workers deliver baskets with food in Cuenca, Ecuador, on April 30.

Photographer: Xavier Caivinagua/Agencia Press South via Getty Images

The International Monetary Fund’s executive board decided that Ecuador needs no further remedial action after a noncomplying purchase led to scrutiny of the country’s financial data.

The deficiencies in the past, which contributed to Ecuador incorrectly estimating its fiscal deficit starting as far back as 2012, stemmed from a lack of engagement between Ecuador and the IMF, according to a statement from the fund. Since then, the country’s authorities have reaffirmed a commitment to meet international standards on data transparency.