Ecuadorian Minister Dismisses WB Credit Stance
Economy Minister Rafael Correa played down the World Bank (WB) refusal to lend Ecuador 100 million USD.

"Thanks a lot World Bank, keep your one hundred million dollars, we do not need them but we are and will be a sovereign nation," Rafael Correa told the national press.

Correa said the WB was willing to sign a deal last April but changed its mind after the new government was installed.

He said the WB requested the guarantee of the International Monetary Fund despite the country meeting all requirements.

"Three months later, the World Bank says it cannot give a loan because the administration eliminated the Oil Revenue Fund," added Correa.

The Economy Minister said the WB refusal provides the opportunity to accept financing from other multilateral agencies.

He said the 2005 budget is financed from credits from the Inter American Development Bank (150 - 200 million) and the Andean Development Corporation (100 million).