Ecuador sees special credit to prevent any crisis

QUITO, Dec 19 (Reuters) - Ecuador could ask multilateral lenders for a special credit of up to $800 million to be released in case of a future economic crisis due to internal or foreign factors, Economy Minister Fausto Ortiz said on Monday.

Ortiz said the risk credit would protect the economy from a crisis as the leftist government plans to eliminate three saving funds worth about $1 billion in oil revenues.

"If I have a contingency line of this value I'm perfectly covered," Ortiz told Reuters, adding that the credit line could be between $400 million to $800 million.

Ortiz has said the government will soon introduce legislation to eliminate the funds that are earmarked for specific spending and restricted from government control.

He has said the $1 billion held in the savings funds accounts would be used for capital spending on infrastructure and energy projects.

Wall Street analysts worry that such a move could erode the country's savings capacity and make it more vulnerable for external shocks such as a drop in oil prices.

Ortiz did not say which lenders would be asked for the risk loan or specific terms on the credit.

President Rafael Correa, a former economist, has spooked investors with plans to increase state control over the Andean country's economy and natural resources.