Submission to the National Assembly of the revised amendments to the Organic Code of Planning and Public Finances and any other relevant laws, in consultation with Fund staff, to (i) limit the discretion of the Executive to amend the annual budget that is approved by the National Assembly and introduce a robust framework for a contingency allocation in the budget, (ii) restrict the use of CETES (treasury certificates) for short-term financing and develop a plan of reducing the current stock of CETES, (iii) explicitly define the institutional coverage of the public debt to be the consolidated nonfinancial public sector and the institutional coverage of the expenditure rule apply to the General Government; (iv) adopt binding annual targets for the NFPS non-oil primary balance, excluding subnational governments, while reinforcing the system of controls over the fiscal balance and borrowing of public entities of the NFPS; (v) introduce the necessary mechanisms to support the effective operation of expenditure rule and its interaction with the Constitutional “golden rule,” (vi) adopt a standardized definition of arrears and strengthen their monitoring and reporting, and (vii) introduce a 90-day payment deadline, unless otherwise established by law, contract, regulation or any other valid public act, for the current and capital expenses associated with the acquisition of goods and services from the date of their accrual (“devengo” according to Ecuadorian statutes).
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