SELL-OFFS PLAN TO BOOST IMF ECUADOR DEAL
Lapper, Richard
SELL-OFFS PLAN TO BOOST IMF ECUADOR DEAL
Ecuador's President Jamil Mahuad is preparing to launch a 3bn privatisation programme and drive through banking reform in an attempt to underpin an expected 400m standby agreement with the International Monetary Fund. The agreement - expected by early next month - should help stabilise the economy following this year's severe financial crisis and allow Ecuador to reduce its heavy burden of external debt. The IMF deal is a crucial step for a renegotiation of Ecuador's debt to government creditors through the Paris Club. Talks are scheduled to begin on July 5 and Ecuador, one of the continent's most highly indebted countries, will present debt forgiveness proposals. Ana Lucia Armijos, finance minister, said: "There is no doubt we will have a positive response." Ecuador's debt to Paris Club creditors amounts to 1bn, nearly 8 per cent of the total. Belgium and Switzerland forgave 78m of debt in the early 1990s.
FMI REFORMA ECONOMICA PRIVATIZACION MINISTERIO DE FINANZAS DEUDA EXTERNA REPROGRAMACION DE LA DEUDA SISTEMAS BANCARIOS
REPROGRAMACION DE LA DEUDA
FMI
11
3ext133
EC
SELL-OFFS PLAN TO BOOST IMF ECUADOR DEAL
Ecuador's President Jamil Mahuad is preparing to launch a 3bn privatisation programme and drive through banking reform in an attempt to underpin an expected 400m standby agreement with the International Monetary Fund. The agreement - expected by early next month - should help stabilise the economy following this year's severe financial crisis and allow Ecuador to reduce its heavy burden of external debt. The IMF deal is a crucial step for a renegotiation of Ecuador's debt to government creditors through the Paris Club. Talks are scheduled to begin on July 5 and Ecuador, one of the continent's most highly indebted countries, will present debt forgiveness proposals. Ana Lucia Armijos, finance minister, said: "There is no doubt we will have a positive response." Ecuador's debt to Paris Club creditors amounts to 1bn, nearly 8 per cent of the total. Belgium and Switzerland forgave 78m of debt in the early 1990s.
FMI REFORMA ECONOMICA PRIVATIZACION MINISTERIO DE FINANZAS DEUDA EXTERNA REPROGRAMACION DE LA DEUDA SISTEMAS BANCARIOS
REPROGRAMACION DE LA DEUDA
FMI
11
3ext133
EC