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.

Sunday, December 23, 2007

Ecuador Erects New Financial Structure

Quito, Dec 19 (Prensa Latina) The Ecuadorian government is designing a new financial structure, aimed at creating a liquidity fund that promotes the country's economic growth.

When announcing that initiative last night, President Rafael Correa highlighted ó the idea is to create a most favourable monetary system, from savings to investment. ó

He sustained the executive's challenge is to bring back the about 5 billion dollars Ecuadorians have in foreign accounts to invest them in major works, ó for the country's development, with all safety measures, ó the president noted.

That action will allow guaranteeing resources, avoiding foreign debt, and controlling the banking system, which can be achieved with institutional reforms and ó a dynamic economy, ó he added.

The new monetary architecture taking shape will have an initial budget of 100 million dollars, Correa announced.

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