Ecuador is facing significant economic challenges stemming from a deteriorating security situation, political uncertainty, and fiscal pressures. The country's economic growth is expected to slow in 2024, largely due to rising drug-related gang violence, which is affecting private consumption and investment. Ecuador's 2024 budget aims to reduce the fiscal deficit, and the government has reached a staff-level agreement with the IMF on policies to support a 48-month arrangement under the Extended Fund Facility (EFF), amounting US$4 billion. Despite these challenges, Ecuador has some strengths, including oil reserves and unexploited mining resources. However, that also exposes the economy to volatility in global crude oil prices. The economy also benefits recently improved road network. The country is also a major exporter of bananas, cocoa, and palm oil.