Ecuador’s “economic recovery is underway”, the International Monetary Fund noted in December 2020, praising the government’s progress in its reform programme. The IMF released a $2bn tranche of funds to support the country in response to its success in pushing fiscal, governance, and transparency reforms in the difficult environment of the global covid-19 pandemic. These changes should help support long-term growth and buttress the economy from further shocks.
They should also bolster the agriculture sector, which accounts for 10% of value-added GDP, according to the World Bank. A recent Global Monitor report highlighted the advances that Ecuadorean agriculture has made in recent years, partly thanks to government support, including favourable lending conditions, targeted subsidies, and schemes to improve soil and water. The integration of new agricultural technology has also boosted productivity.