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Wednesday, April 25, 2007

Ecuador Defends Economic Independence

Quito, Apr 19 (Prensa Latina) Ecuadorian Economy Minister Ricardo Patiño stressed on Thursday that his government implements a sovereign economic policy, and ruled out any pressure from international financial bodies.

After ratifying President Rafael Correa's decision to expel the representative of the World Bank, Patiño noted that it is a strong solution to a pending problem with that institution.

He recalled that the WB denied a loan to Ecuador without any reason last year, adding that Correa, who was the Economy minister at the time, decided to boost social investment in detriment of paying the country's foreign debt.

Patiño added that the 100-million-dollar loan was approved, but after the reform of the Oil Surplus Fund Act, aimed at paying the foreign debt with oil revenues, the WB suspended the credit.

There is hostility against the Ecuadorian State, thus the president's decision to expel the WB representative.

Patiño said Ecuador's debt to the International Monetary Fund was paid, so the country is free of any condition from that institution.

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