Ecuador state oil firm to seek local auditor as govt seeks more IMF funds

Ecuador's state oil company Petroecuador said on Thursday it would seek a local auditor as it looks to comply with International Monetary Fund (IMF) requirements, after no foreign firm offered to audit its financial statements. Having received no offers from foreign firms, Petroecuador said it would seek an Ecuadorian company to audit its reports.

Ecuador's state oil company Petroecuador said on Thursday it would seek a local auditor as it looks to comply with International Monetary Fund (IMF) requirements, after no foreign firm offered to audit its financial statements. Auditing Petroecuador's 2019-21 financial statements, which authorities said had so far been inadequate, is a requirement under the country's $6.5 billion credit deal with the IMF, which expires at the end of this year. The South American nation is still awaiting a final disbursement worth $700 million under the current agreement, and its economy minister had said the country is exploring a possible new deal with the IMF for 2023.

Petroecuador, backed by the Inter-American Development Bank (IDB), has sought foreign accounting firms to audit its reports since last August, Petroecuador said. It had initially set a Nov. 10 deadline for invited firms to present their offers, it added, but later postponed the deadline by another week.

"The process is declared void since no offer was presented," Petroecuador said in a statement. Having received no offers from foreign firms, Petroecuador said it would seek an Ecuadorian company to audit its reports.