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$4bn IMF EFF Programme Announced

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  • The IMF and Ecuadorian government announced a staff-level agreement on a 48-month EFF arrangement yesterday, worth about $4bn.
  • JP Morgan note that this will allow for the full rollover of IMF amortisations through the next four years, easing financing pressures in the medium term. By their estimates, the net financing gap now averages $3bn per year through 2030.
  • Following the announcement, $800mn in short-term Extraordinary Liquidity Financing was approved, which will serve as a bridge until the IMF’s EFF program is approved.
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  • The IMF and Ecuadorian government announced a staff-level agreement on a 48-month EFF arrangement yesterday, worth about $4bn.
  • JP Morgan note that this will allow for the full rollover of IMF amortisations through the next four years, easing financing pressures in the medium term. By their estimates, the net financing gap now averages $3bn per year through 2030.
  • Following the announcement, $800mn in short-term Extraordinary Liquidity Financing was approved, which will serve as a bridge until the IMF’s EFF program is approved.