Article IV discussions with Ecuador were conducted on-site for the first time since 2007 (Annex I). After growing at an average of about 4½ percent over the past decade—on the wave of high oil prices, a strong public investment agenda, and the anchor of full dollarization—the economy has been hit by significant external shocks since late 2014. The sharp decline in oil prices and significant real exchange rate appreciation have undercut exports and fiscal revenues. [...]