Deputy Managing Director Min Zhu of the International Monetary Fund (IMF) made the following statement on Ecuador today:
“Over the past several months, the Ecuadorian authorities and IMF staff held constructive discussions exploring ways to resume Article IV consultations, the last of which was concluded in early 2008.
“The Ecuadorian authorities have agreed that the 2014 Article IV consultation discussions will take place in Washington, D.C. at the IMF headquarters over the next few weeks, as a one-time exercise. As with all Article IV consultations, staff will engage in an open, frank, and unrestricted dialogue about the country’s economy with the authorities as well as many representatives from the private sector and civil society. The authorities have also agreed that future Article IV consultations will follow standard practice.
“The authorities have committed to provide the Fund with the necessary information for the Fund’s Executive Board to conclude the 2014 Article IV consultation.
“This important step will allow Fund staff to re-engage with the Ecuadorian authorities in the analysis of the developments of the Ecuadorian economy and its prospects over the medium term.”