He Minister of Economy and Finance, Pablo Arosemena Marriott, this morning he began his schedule of meetings with multilateral organizations for strengthen economic cooperation and investments in the country.

The Secretary of State traveled to Washington to attend the annual spring meetings of the International Monetary Fund (IMF) and the World Bank (WB), which will be attended by Latin American economic ministers and representatives of multilateral organizations, including the Inter-American Bank. Development Bank (IDB) is participating, the ministry reported.

Arosemena’s meetings with multilateral organizations, according to the state portfolio, It will provide access to more financial resources to deal with immediate emergencies such as earthquakes, landslides and floods. The Ministry stated that fiscal stability is the opening letter of the country and that in this way more funds will be obtained that will guarantee the well-being of Ecuadorians.

About the topic, Alberto Acosta Burneo, editor of Análisis Semanal, explained that although Ecuador has exhausted its quota with the Monetary Fund, there are programs and lines of credit which are related to the problems of reconstruction due to natural disasters that Ecuador may have access to. Among them is the Resilience Fund line, created for post-Covid recovery. Ecuador could boast of that for 1300 dollars millions. There are others from the IDB and WB to which it may relate.

This financing is necessary if we take into account that in the pro forma budget it was planned to issue debt bonds as part of the source of financing, but with the high risk of the country it is no longer possible to do so. This indicator was 1953 points on April 11, 2023.

Ecuador recently suffered an earthquake with an epicenter on the island of Puná, as well as severe flooding and a landslide in Alausí that caused human and economic losses. A few weeks ago, crude oil pumping had to be suspended due to problems related to rains and regressive erosion in the Marker River sector.

Meanwhile, for Acosta Burne, the current fiscal situation is better than in past years. It is the first time in 10 years that a fiscal surplus has been achieved, he says. In any case, there is always a fear in the markets that the next government will open the spending trap, without thinking about the consequences of over-indebtedness.

Agenda with international authorities

minister This Wednesday, Arosemena participated in “Effective Management during Challenging Times” What it means to govern effectively in difficult times. In this space, he highlighted the successful vaccination plan against COVID-19 implemented by the government of Guillermo Lasso and explained the social milestones achieved thanks to the fiscal order in the Government of Ecuador.

According to the Ministry, the meeting in washington will also be an opportunity to show the world business opportunities and secure financing for large investments in the country. It is done with the future in mind and will serve to lay the foundations of state policy for the benefit of future generations.

As part of the work schedule, the Minister will meet with Janeth Yellen, the Secretary of the Treasury of the United States; Ilan Goldfajn, President of IDB; Carlos Felipe Jaramillo, Regional Vice President of the World Bank; among others, with which greater economic support to Ecuador will be analyzed. These meetings will be crucial for the development of the country. They enable the attraction of capital and access to additional resources to deal with emergency situations.