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, July 05, 2007

Ecuador minister facing censure, says will not quit

QUITO, July 4 (Reuters) - Ecuador's Economy Minister Ricardo Patino said on Wednesday he enjoys the full backing of the president and will not quit if Congress decides to censure him next week.
"Having the confidence of the president, I will remain on the job," Patino told reporters in Quito. "I have no idea if they will censure me or not."
Next week, Congress is scheduled to vote on whether to censure Patino after opposition lawmakers accused him of deliberately manipulating the debt markets to benefit third parties.
President Rafael Correa, a leftist former economy minister, has publicly sided with Patino and he has the final word on the minister's job.
The accusations stem from a secret video that showed Patino talking with representatives of a New York-based investment firm about spooking the markets.
Patino said he ordered the taping of the video, but denies any wrongdoing.
Patino and Correa have rattled Wall Street with pledges to limit foreign debt payments to prioritize social spending.
Separately, Patino said his government plans to secure a $200 million loan next week from the Andean Development Corp. to finance infrastructure projects.
This is an additional credit from the $777 million the financing arm of the Andean community, or CAF by its Spanish initials, is expected to release to Ecuador in 2007.
Patino said the loan's maturity and interest rate will be decided after the CAF board approves it on Monday.
He added that the government is analyzing whether to ask the CAF, the Inter-American Development Bank or the country's Social Security board for another $200 million to finance more infrastructure projects.

No comments:

Post a Comment