Ecuador: Economy
The International Monetary Fund (IMF), the global crisis lender, says Ecuador has met its targets. A new loan payment now needs only a board vote.
IMF staff and Ecuador’s government agreed on 9 November 2026 that Ecuador has passed the sixth review of its four-year loan programme. If the IMF’s Executive Board, its decision-making body, approves, Ecuador receives about US$380 million at once.
A second, separate deal was agreed the same day: an 18-month climate-resilience credit, from the IMF’s Resilience and Sustainability Facility, worth about US$710 million. Ecuador uses the US dollar as its currency, so it cannot print money to cover gaps.
Key Facts
- Power Index. Ecuador ranks 8th of 14 in The Rio Times Latin America Power Index, with 37.2 points (November 2026 edition).
- What. IMF staff and Ecuador agreed the sixth review of the Extended Fund Facility, a multi-year loan, is complete.
- Money. SDR 280.5 million (Special Drawing Rights, the IMF’s unit), about US$380 million, follows board approval.
- Second deal. An 18-month climate-resilience credit of about US$710 million, 75% of Ecuador’s IMF quota, was also agreed.
- Targets. IMF staff said Ecuador met all performance criteria, which are hard numerical targets; one target was narrowly missed.
- Next. Executive Board approval is pending, and further programme reviews follow.
What the IMF and Ecuador Agreed
A staff-level agreement is a deal between IMF staff and a government that still needs the board’s formal approval. The IMF said both agreements it announced on 9 November, the sixth review and the new resilience credit, are subject to that board vote.
The loan is an Extended Fund Facility (EFF), a multi-year IMF programme that pays out in instalments as a country meets agreed targets. Ecuador’s programme was approved in 2024 under President Daniel Noboa and gives access to about US$5 billion in total.
How Much Money Is Coming
The IMF counts in Special Drawing Rights (SDR), its own unit of account. The next EFF payment is SDR 280.5 million, which is about US$380 million, and it would follow board approval.
It would be Ecuador’s second payment this year, after the fifth review released the same SDR amount (then worth US$394 million) in April. The new credit is equal to 75% of Ecuador’s quota (its share in the IMF).
In Plain English
Think of the programme as a loan paid in slices. Each slice is released only after the IMF checks that Ecuador met its budget and reform goals.
What Ecuador Had to Prove
IMF staff said Ecuador met all the quantitative performance criteria for this review, several by wide margins, while one target was narrowly missed. Performance criteria are hard numerical targets on areas such as public finances.
Meeting those targets is the main condition for the next payment. The first slice of the resilience credit will only become available after that facility’s own first review and after agreed reforms are carried out.
What Happens Next
The Executive Board must now schedule a vote, and we found no announced date. Further programme reviews are planned for 2027 and 2028, each tied to new targets.
For Noboa’s government, each approval is a signal to bond investors that the budget is on track. Each missed target, by contrast, would delay the next slice.
What Is Not Known
The date of the board vote is not known. It is also open how much of the new resilience credit will be paid out in the first tranche.
What It Means for You
If you hold Ecuadorian dollar bonds or follow the country as an investor, a passed review lowers the near-term risk of a financing squeeze. If you live in or travel to Ecuador, the programme keeps government spending under agreed limits, so watch for debates over fuel prices and public-sector costs.
Earlier coverage: the April disbursement and the IMF’s three risks for Ecuador. More on Ecuador and on the Latin America Power Map.
Frequently Asked Questions
Has the IMF approved the money for Ecuador?
Not yet. IMF staff and Ecuador reached a staff-level agreement on 9 November 2026, and the Executive Board still has to approve it.
How much will Ecuador receive?
SDR 280.5 million, about US$380 million, once the board approves. The separate resilience credit is about US$710 million over 18 months.
Is the US dollar still Ecuador’s currency?
Yes. Ecuador has used the US dollar since 2000, so IMF financing helps the government pay its bills without printing money.
Sources: International Monetary Fund (IMF) press release, 9 November 2026, on the staff-level agreement for the sixth review and the Resilience and Sustainability Facility; IMF press release 26/099 of 31 March 2026, staff-level agreement on the fifth review (IMF); IMF press release 24/127 of 25 April 2024, staff-level agreement on the 48-month arrangement (IMF).
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