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WorldSeptember 1 2014

Ecuador's new direction receives a mixed response

Ecuador is striving to re-establish ties with the International Monetary Fund and World Bank, tap international capital markets and embrace orthodox economic policies. However, when it comes to banking, the country's new direction is not proving to be universally popular.
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Ecuador's new direction receives a mixed response

Until recently, Ecuador’s president, Rafael Correa, had tense relations with the World Bank and the International Monetary Fund (IMF), often lambasting the institutions in public. However, there are signs that this attitude is thawing.

Not only that, but Mr Correa is also turning to orthodox economic policies as he tries to tap more sources of finance to sustain an ambitious investment programme in the country. This has led to the World Bank agreeing to extend $1bn in total credit to Ecuador and the IMF resuming its annual reviews of the country's economy.

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