The International Monetary Fund sets off to Ecuador on a mission to gauge the economic footing of the country, following the ascent of former Ecuadorean Vice President Alfredo Palacios into the presidency in April. The new administration has expressed its intentions in reorienting priorities on development and focusing on productive sectors over settling foreign debt. Economy Minister Rafael Correa has revealed the administration?s opposition to IMF conditions of economic security to settle the country?s debt. Correa proposed a reform bill instead, that focuses on sectors seen to spur supplemental income for the government, prior to paying its arrears. The bill is projected to raise $745 million for the government, primarily from Correa?s proposal of utilizing the government?s budget surplus form the energy sector. (Source: IMF Checks Out Ecuador´s New Economy/ Prensa Latina)
