Wonderland Wire

news that’s really fit to print

Ecuador Shuns IMF as ‘Arm of Imperialism’

with one comment

28 Apr 09 | WaPo

Economic crisis forces many countries to turn to once-shunned organization.

Few guests have felt so unwanted in Ecuador as the International Monetary Fund.

The country’s president regularly vilifies the Washington-based multilateral organization as an arm of imperialism, and the fund’s representative here left after being declared persona non grata.

But with Ecuador hit hard by the worldwide economic crisis, the government has quietly resumed talks with IMF officials, mirroring a trend in Latin America as one country after another overlooks the fund’s sometimes ignominious reputation in the region to seek its assistance.

Ecuador still publicly shuns the IMF as President Rafael Correa’s government openly seeks help from China and small multilateral lenders. But for the loans Ecuador needs — economists say as much as $2 billion to alleviate a crushing $3.5 billion trade deficit — the Correa administration may be forced to go to the IMF, which has the ability to make large loans fast. Economic Policy Minister Diego Borja has met with fund representatives in Washington and held videoconference calls with its officials, according to economists in the capital of Quito who are familiar with the country’s efforts to deal with the crisis. >>>


Written by Editors

27 April 2009 at 11:05 pm

Posted in Americas, Global

Tagged with , , ,

One Response

Subscribe to comments with RSS.

  1. […] Ecuador Shuns IMF as ‘Arm of Imperialism’ (27 Apr 09) […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: