The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Thursday, April 12, 2007

Bank of South to End IMF-WB Submission

Quito, Apr 11 (Prensa Latina) Ecuadorian President Rafael Correa said on Wednesday that the Bank of the South will end Latin America's submission to the International Monetary Fund and the World Bank.

"We kneel or they want us to kneel for the IMF and the WB to grant us funds when they wish, that is the new way to submit the countries," Correa told national television.

He added that the creation of that regional financial institution will be a fundamental element in Latin American integration.

And it will be a major step to stop following neoliberal recipes from those international bodies, which impose conditions "to give us two cents," he added.

Correa noted that "Latin America has some 200 billion dollars of reserves invested outside the region and above all in First World countries; it is absurd that we are financing the First World, we are giving them our resources."

The creation of the Bank of the South is scheduled for the second semester of 2007. It will have an initial reserve of one billion dollars contributed by Argentina, Ecuador, Venezuela and Bolivia.

1 comment:

  1. Anonymous7:20 am

    Ecuador is a country of DEADBEATS. Its last default was 8 years ago. The reason Ecuador has to deal with the IMF is because it is not creditworthy.
    There already is an Andean development bank, so is Correa next going to invent " the Wheel"?
    While the price of Oil is up, and Ecuador has reserves, He can talk Large, but just wait, when it falls, Ecuador will be back , YHat in Hand...begging as they have for the past 180 years...

    Oh BTW "blog author" do you have the honesty to allow this post, or are you as dishonest as Correa?