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.

Tuesday, March 17, 2009

World Crisis Hardly Shakes Ecuador, Correa

Quito, Mar 9 (Prensa Latina) The international financial crisis has been ongoing for five months and it has hardly shaken Ecuador, due to a good economy management, President Rafael Correa claimed.

Although the critical economic situation hit us strongly, because it caused the fall of the oil price and reduction of remittances, "we have not felt it so far," Correa said on Sunday night.

In a meeting with journalists of national television station associations, he called smart the decision of imposing restrictions on imports and favoring exports.

Those measures are necessary to guarantee liquidity and employment, and we can see results already, and the money does not go out of the country, he said.

They also started a campaign, calling to consume national products to encourage productivity and generation of new sources of employment, the president said.

Correa also defended the tax imposed on the flight of capitals, and criticized the excessive trade liberalization that existed in this nation, something that was a disaster, he stated.

The invasion of cheap products finished the Ecuadorian craftsmanship, he asserted after accepting that dolarization is in danger.

Thus, he highlighted the need to diversify economy, because the two mainstays of the US dollar circulation: high oil price and remittances, dropped with the crisis.

When we have a foreign currency, we lose competitiveness, because foreign currency can not be devaluated, he explained, stressing that this originated the restriction imposed on imports and the increase of taxes on different products.

The head of State said the nation gives priority to investment in strategic sectors and has assured contributions by China, Iran, and Venezuela, for the construction of hydroelectric stations and a refinery.

Those fundings show the government seriousness, because despite the crisis, there is interest in investing in Ecuador, he concluded.

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