The government of Ecuador again approached the International Monetary Fund (IMF) with a series of meetings in Washington with the objective of “maintaining an open dialogue channel”, after the tensions experienced with that body during the presidency of Rafael Correa ( 2007-2017).
The Economy Minister of Ecuador, Richard Martinez, headed the delegation that met on Monday June 11 with the IMF director for Latin America, Alejandro Werner, and other senior officials of the Fund to “maintain an open channel of dialogue” with the multilateral institution, according to the Ecuadorian government.
“The purpose of the tour in Washington is to maintain an open channel of dialogue between the Ecuadorian government and the IMF to exchange information on the economic situation of the country,” the Ecuadorian Hydrocarbons Ministry, also represented on this trip, said in a tweet. In addition to meeting with senior IMF executives, the Ecuadorian delegation, which also has the manager of the Central Bank of Ecuador, Veronica Artola, met with leaders of the World Bank (WB) and the Inter-American Development Bank (IDB).
With this approach, the government of the Ecuadorian president, Lenin Moreno, “seeks to strengthen the credibility of the country with the international financial community and advance the application of best practices regarding national economic management,” according to a statement from the Ministry of Economy.
The Executive of Moreno has tried to approach positions with the multilateral credit organisms in the last months after the previous president, Rafael Correa, criticized especially during his mandate the role of the IMF in the global financial panorama.
After the meetings with different multilateral organizations, the Ecuadorian representation will go to New York to meet with a group of important investment banks. In its latest report on the World Economic Perspectives, released in April, the IMF projected that Ecuador’s gross domestic product (GDP) will grow 2.5% this year and 2.2% in 2019.
The Fund approved in July 2016 a loan of $ 364 million for Ecuador, with the aim of helping the South American country to face “an urgent need for balance of payments” after the powerful earthquake of April that year that left more than 660 dead and caused major damage. (I)