[asia-apec 1279] Fwd: Ecuador gets $900m from IMF

[BAYAN]

FYI: Some data re Ecuador

>Date: Mon, 30 Aug 1999 12:14:23 -0400
>Sender: stop-imf at essential.org
>
>Ecuador announces 900 million dollars from IMF (Excerpts)
>Date: Sat Aug 28 03:20:03 CDT 1999
>
>   QUITO, Aug 28 (AFP) - Ecuador will receive 900 million dollars in loans
>from the International Montetary Fund (IMF) to support government economic
>plans, President Jamil Mahuad announced.
>   The money will go to support Mahuad's own 1.8 billion-dollar plan to kick
>start the South American nation's economy, the president said late Friday in
>a national address broadcast on television and radio.
>   . . .
>   Ecuador will receive 400 million dollars from the International Monetary
>Reserve to help stabilize the country's currency against the US dollar, he
>said in his 20-minute speech to the nation.
>   Another 500-million-dollar credit will be used to reactivate the
>country's economy and strengthen Ecuador's banks, Mahuad said.
>   . . .
>   Ecuador's public debt of 13.12 billion dollars equals 92 percent of its
>yearly gross national product and to more than 1,000 dollars for each of the
>country's 12 million inhabitants, according to the Central Bank.
>   Ecuador owes 3.51 billion dollars to international financial
>organisations, including 1.8 billion to the InterAmerican Development Bank.
>   Quito also owes 2.35 billion dollars to foreign governments, including
>1.03 billion to the Paris Club. And to foreign banks, Ecuador owes 6.73
>billion dollars.
>