#Steeven.™ Posted April 13, 2023 Posted April 13, 2023 Pablo Arosemena will meet with representatives of the IMF, the World Bank and the IDB. Ecuador could apply to lines of credit for natural disasters. The Minister of Economy and Finance, Pablo Arosemena Marriott, this morning began his schedule of meetings with multilateral organizations to strengthen economic cooperation and investment 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), in which the Latin American Economy Ministers and representatives of multilateral organizations, including the Inter-American Bank, will participate. Development Bank (IDB), reported the ministry. Arosemena's meetings with multilateral organizations, according to the State portfolio, will allow access to more financial facilities to face current emergencies such as the earthquake, landslides and floods. The ministry indicated that fiscal soundness is the country's letter of introduction and that this way more resources will be obtained to guarantee the well-being of Ecuadorians. On the subject, 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 that are associated with reconstruction issues due to natural disasters to which Ecuador could have access. Among them is the resiliency fund line, created for post-COVID rebuilding. In this, Ecuador could reach a credit for $ 1,300 million. There are also others from the IDB and WB to which it could apply. This financing is necessary if one takes into account that in the pro forma budget it was planned to issue debt bonds as part of the financing sources, but with the high country risk it is no longer possible to do so. This indicator stood at 1,953 points as of April 11, 2023. Ecuador has recently suffered an earthquake with its epicenter on Puná Island, as well as severe flooding and a landslide in Alausí that has caused human and economic losses. A few weeks ago, the pumping of crude oil had to be suspended due to problems related to rains and regressive erosion in the Marker River sector. Meanwhile, for Acosta Burneo currently the fiscal situation is better than that of past years. It is the first time in ten years that there has been a fiscal surplus, he says. In any case, there is always fear in the markets that the next government to come will be one that opens the spigot of spending, without considering the consequences of over-indebtedness. Agenda with international authorities Minister Arosemena participated this Wednesday in the "Governing Effectively During Challenging Times" which means governing effectively in difficult times. In this space, he highlighted the successful vaccination plan for COVID-19 carried out 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 options 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 a State policy for the benefit of future generations. Within his work schedule, the minister will meet with Janeth Yellen, Secretary of the United States Treasury; Ilan Goldfajn, president of the IDB; Carlos Felipe Jaramillo, regional vice president of the World Bank; among others, with whom a greater economic support for Ecuador will be analyzed. These meetings will be essential for the development of the country. They allow attracting capital and accessing additional resources to deal with emergencies. https://www.eluniverso.com/noticias/economia/ministro-de-economia-esta-en-washington-en-busca-de-facilidades-financieras-e-inversion-nota/ 1
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