Ecuador

    Ecuador has put on hold its plans for a USD 1 billion credit from China due to disagreements over conditions of the deal, Ecuador's Economic Policy Minister Diego Borja said last week. "They were asking for unacceptable conditions, such as import guarantees," Borja told reporters. "Ecuador does not accept impositions, not from China, not from the IMF, not from anyone." Borja said Ecuador's public finances won't be affected by suspension of the loan negotiations, as the loan hadn't been included in the central government's fiscal budget proposal. Neither will it affect relations with China or any other loans that Ecuador has negotiated with this country. Borja also said that a fiscal deficit of USD 3 billion budgeted for 2010 will be covered with traditional financial sources, such as regional and multilateral lenders, as well as by nontraditional sources such as Russia. (Reuters, Dow Jones)

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