Ecuador: Into the abyss thanks to the structural adjustment policies of the Extended Fund Agreement with the IMF

Abstract

<jats:p>This paper analyses the scope, origins, justification, and commitments of the extended fund arrangement (EFA) signed by the Ecuadorian government and the IMF in March 2019. This agreement, which represents a little more than a third of Argentina’ Stand-By Agreement, promotes Central Bank independence, austerity, as well as structural adjustment policies, but its basic’ diagnosis omits external sector problems. This paper presents the implications and contradictions of the agreement to promote structural changes in the real sector and how these foster policies that protect the interests of bondholders and bankers.</jats:p>

Desafíos y soluciones en la gestión contable del seguro social ecuatoriano

“…En este sentido, la importancia del seguro de salud individual y familiar radica en que es la partida financiera más grande entre los activos del fondo consolidado con USD 12.254,23 millones (King & Samaniego, 2020) Si las unidades de salud del IESS, que están organizadas como empresas públicas de propiedad del IESS, tienen autonomía de gestión, administrativa, financiera y con personalidad jurídica independiente, como lo señala el artículo 24 del citado Reglamento anteriormente; es imprescindible denotar que el catálogo de cuentas y marco conceptual emitido por la Superintendencia de Bancos no se ajusta para las unidades médicas (Apolo et al, 2020), por lo cual es inaplicable y se utiliza los parámetros contables emitidos por el Ministerio de Economía y Finanzas a través del eSIGEF, así como en la materia técnica los lineamientos dados por el Ministerio de Salud, considerando que forman parte de la Red Pública de Salud (Organization, 2021).…”

Between Justice and Money: How the Covid-19 Crisis was used to De-Differentiate Legality in Ecuador

“…In other words, not only does the economic structure apply as a system apparently detached from political organization, but also as a global system that represents the only legitimate form of law that must be respected. As a result, the debt will finally have to be paid by those who maintain economic activity in the country, while the lesson to be learned is that the purchase of debt is a good way to keep capital outside the country, even more so when differentiated conditions are guaranteed with respect to the internal debt [ 2 ].…”

“…In March 2020, when countries around the world began to close their borders due to the Coronavirus outbreak, 1 Ecuador found itself in a sui generis economic situation. Given the prioritization of political discourses and the lack of attention to economic problems [ 1 ], in March 2019 the authorities opted to sign an Extended Service Agreement with the International Monetary Fund [ 2 ], and due to the measures that were implemented as a result of that Agreement, in October 2019 protests broke out over a proposed rise in fuel prices [ 3 ]. As well as social conflict and urgent economic needs related to the pandemic, payment of the capital of the country’s 2020 sovereign bonds came due that same month.…”