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Statement by Afonso Bevilaqua, Executive Director for Ecuador, Bernardo Acosta, Senior Advisor to Executive Director, and Ricardo Cicchelli Velloso, Senior Advisor to Executive Director December 14, 2022

International Monetary Fund. Western Hemisphere Dept.

On behalf of our Ecuadorean authorities, we wish to express our appreciation to management and staff for their support to Ecuador’s economic policies and structural reform agenda. We would like to recognize the mission team for their hard work and comprehensive report on the sixth EFF review.

Keywords:: dollarization regime; healthcare obligation; EFF arrangement; governance framework; obligations to the Social Security Fund; Fiscal consolidation; Government finance statistics

Type:: Journal Article

Series:: IMF Staff Country Reports

Volume/Issue:: Volume 2022: Issue 378

Publisher:: International Monetary Fund

Publication Date:: 16 Dec 2022

Language:: English

DOI:: https://0-doi-org.library.svsu.edu/10.5089/9798400228681.002.A004

ISBN:: 9798400228681

Download PDF (196.9 KB)

Guidance Note On Implementing The Debt Limits Policy In Fund Supported Programs

International Monetary Fund. Strategy, Policy, & Review Department

The Debt Limits Policy (DLP) establishes the framework for using quantitative conditionality to address debt vulnerabilities in IMF-supported programs. In October 2020, the Executive Board approved reforms to the DLP which will enter into effect on June 30, 2021. The risk-based approach to setting debt conditionality informed by Debt Sustainability Analyses under the previous DLP approved in 2014 is maintained. The reforms aim to provide countries with more financing flexibility in practice while still adequately containing debt vulnerabilities through appropriate safeguards. This note provides operational and technical guidance related to the implementation of the DLP, including the operationalization of the approved reforms. In particular, it outlines the core principles underpinning the DLP, including when debt conditionality in IMF-supported programs is warranted and how to account for country-specific circumstances in the design of debt limits. The note also describes the process of setting and implementing debt conditionality, including: (i) identifying debt vulnerabilities to inform the focus of debt conditionality; (ii) designing debt conditionality; and (iii) implementing debt conditionality through the review cycle. The Guidance Note is intended for use by both IMF staff and country officials. In this regard, in addition to the guidance presented in the main body, the note also contains several annexes that cover definitional, technical, and operational issues arising in the determination and implementation of public debt limits.