The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The rocky route to IMF favour

Ecuador's finance minister, Jorge Gallardo, is a popular man on Wall Street. He's very bright, with a quick wit and a solid grasp of economic fundamentals and economists' concerns. But when he visited New York in May, his demeanour was visibly subdued.

It is understandable that Gallardo could do with a bit of a rest these days: the Ecuadorean government has come through a huge battle with the legislature, which threatened the whole basis of its fiscal accounts. The war is not completely over, but the theatre of conflict has moved from congress to the courts, and the government's achievements so far have proved enough for a crucial vote of confidence in the country in May from the IMF.

Ecuador was originally scheduled to get the second disbursement from its IMF programme in September 2000. Everything in Ecuador takes longer than expected, and a few delays here and there are usually built in to projections, but this one lasted until well past the date that Ecuador's entire IMF programme was due to expire. More than just IMF disbursements were at stake: the country is dependent on aid from the World Bank and the Inter-American Development Bank, none of which is allowed to be paid out if the country's IMF programme has expired.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree