LatinNews Daily - 05 December 2023

* The executive board of the International Monetary Fund (IMF) has met to discuss Ecuador’s US$6.5bn extended fund facility (EFF), which was established in September 2020 with the aim of stabilising the economy during the coronavirus (Covid-19) pandemic. In a statement, the IMF said that the EFF achieved its primary objective of restoring macroeconomic stability during a historic downturn and said that most of the structural fiscal reforms that were conditions of the EFF were met. However, the IMF statement also noted that Ecuador’s market access remains limited due to political uncertainty and market vulnerabilities, particularly the government’s strong reliance on volatile oil prices. It said that “reform efforts will need to be reinvigorated to ensure fiscal sustainability and restore market access”.