<p class="wp-block-paragraph"><strong>Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) , in this statement made available to OpenLife, explains the rationale behind President Lenin Moreno’s quest to access the Fund’s Rapid Financing Instrument (RFI) to protect the economy of Ecuador</strong></p>



<p class="wp-block-paragraph"><em>“Like many other
countries, Ecuador’s economic challenges have been compounded by the
devastating effects of the COVID-19 outbreak and the sharp fall in world oil
prices. President Lenin Moreno and his government have responded quickly and
decisively to help protect Ecuadorians from the impact of these rapidly
evolving global developments, by putting in place a series of measures to
stabilize the economy and prevent the further spread of the virus. ;In the
context of adverse global developments, Ecuador is facing severe financing
constraints and will require the support of all its stakeholders.</em></p>



<p class="wp-block-paragraph"><em>“In light of urgent
need to quickly step up action to protect people and the economy, the
Government of Ecuador expressed its intention to seek our financial support
through the Fund’s Rapid Financing ;Instrument (RFI). This emergency
financial tool will allow the government to address urgent balance of payments
needs and will support policies that would make it possible to direct funds
swiftly to Ecuador’s most affected sectors, including the healthcare system and
social protection, to bolster its response to COVID-19. Our team is working
expeditiously to respond to this request so that a proposal can be considered
by the IMF’s Executive Board.  ;</em></p>



<p class="wp-block-paragraph"><em>“In parallel, my
staff is immediately engaging with the authorities on a successor
Fund-supported arrangement that builds on the current Extended Fund
Facility ;(EFF), to bolster Ecuador’s economic performance, strengthen the
foundations of dollarization, and deliver broad based benefits for all
Ecuadorians, especially the most vulnerable part of the population.</em></p>



<p class="wp-block-paragraph"><em>“Our objective is
to provide immediate support to help Ecuador address the effects of a mounting
global health crisis, while continuing to support the authorities’ unwavering
commitment to implement much-needed economic and structural reforms aimed at
fostering strong, sustainable and inclusive growth.”</em></p>

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