What Is Staff Level Agreement

We welcome the strong political measures taken by the authorities to contain the COVID 19 epidemic and the efforts they continue to make to advance their reform agenda, while pledging to further stabilize the economy and strengthen social assistance to protect vulnerable families in Ecuador. New infections and deaths of COVID-19 have eased from the high levels of the beginning of the year, and the Ecuadorian economy has shown tentative signs of recovery since the start of the reopening in July. “The authorities have demonstrated a very unwavering series of important reforms. They are working to implement the recently adopted organic budget code, to improve the central bank`s audit capacity to make it a stronger institution, to establish transparency in the assets of senior officials, to improve governance and to fight corruption, and, last but not, to develop a cash plan for 2021 to better manage public funds. CHISINAU, Moldova, July 27 (SeeNews) – The International Monetary Fund (IMF) said On Monday it had reached an agreement with the Moldovan government on an economic reform programme backed by a $558 million (481 million euro) loan. “The new ECF/FEP agreements will help maintain macroeconomic stability, support the authorities` post-pandemic recovery policies and catalyze external funding by other donors. Building on the progress made under the previous programme, the new regime will also aim to advance ambitious institutional reforms to address widespread weaknesses in fiscal governance, financial sector supervision, market regulation, anti-corruption and the rule of law,” said Ruben Atoyan, who led the IMF staff team. “I am pleased to announce that the Ecuadorian authorities and the IMF team have reached a staff-level agreement to support the authorities` economic policy with a new expanded 27-month facility (FEP) with requested access of SDR 4.6 billion (equivalent to $6.5 billion). The EFF follows emergency assistance from the Fund for Ecuador last May (US$643 million) and the previous EFF, approved by the IMF Executive Board in March 2019 and abolished in May 2020.

“The IMF team and the Egyptian authorities have reached a staff-level agreement on the first revision of Egypt`s economic programme, supported by the IMF`s $5.2 billion preparation agreement (press release). The agreement is subject to IMF Board approval in the coming weeks. After authorization, an additional SDR 1.16 billion (approximately $1.6 billion) will be made available to Egypt.