Ecuador announced Wednesday it will leave the Organization of Petroleum Exporting Countries (OPEC) at the end of this year in order to increase their export revenue.

The Andean country has breached its output quota set by OPEC in every month of this year, producing an average of 545,000 barrels per day of crude. President Lenin Moreno is currently seeking to boost oil revenues to help reduce the country’s considerable fiscal deficit and foreign debt built up under his far-left predecessor Rafael Correa.

“The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability,” the energy ministry said in a statement, without offering further details.

“This measure is in line with the national government’s plan to reduce public spending and generate new income,” they added. “Despite [our] decision to leave OPEC, Ecuador will continue to support efforts to stabilize the world oil market.”

Ecuador’s departure forms part of a wider economic reform under the Moreno administration, which has started to implement more market-friendly policies while imposing an austerity program that requires layoffs of workers at state-owned companies and cuts to gasoline subsidies.