ECUADOR ECONOMY |
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Gustavo Noboa, who assumed the presidency in January 2000, has managed to
pass substantial economic reforms and mend relations with international
financial institutions. Ecuador completed its first standby agreement since
1986 when the IMF Board approved a 10 December 2001 disbursement of $96
million, the final installment of a $300 million standby credit agreement.
In February 2003, newly installed president Lucio Gutierrez faced a budget
gap and massive foreign debt. He has pledged to use oil revenues to pay off
debt and is seeking additional IMF support. |
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