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.

Monday, April 16, 2007

Ecuador says pays off last debt with IMF

April 15, 2007.

QUITO (Reuters) - President Rafael Correa said on Sunday Ecuador has paid its last debt owed to the International Monetary Fund and cut off any credit relationship with the fund.

"We don't want to hear from that international bureaucracy ever again," Correa told reporters, shortly after claiming a resounding victory in a referendum on rewriting the country's constitution.

Correa, who has railed against international creditors since taking office in January, told reporters the final payment was $40 million.

A senior economy ministry official confirmed Ecuador had fully paid off its debt to the fund but said the last payment was actually for $11 million.

The official, who asked not to be named because he was not authorized to speak for the record, said the president had made an honest mistake.

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