Preliminary Good News from the IMF

ECUADOR - In Brief 23 Nov 2020 by Magdalena Barreiro
The statement published by the technical team from the IMF provides good news regarding the latest review of the necessary requirements to access to the upcoming second disbursement of $2.0b under the program. The staff considers those requirements have been met, and albeit this assessment has to be approved by the Board of Directors to be effective, it is an excellent first step.The IMF team was also positive when assessing the efforts from the government to contain the spread of COVID, and re-assessed their GDP growth expectations for the end of this year, upgrading their forecast of an 11% y/y fall to a 9.5% y/y --which is more in line with the Central Bank's estimate of 9.6% provided back in March. All in all, excellent news!

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