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U.S. Department of State Office of the Spokesman Press Statement

Press Statement by James P. Rubin, Spokesman
March 11, 1999

Economic Crisis in Ecuador

As a friend of Ecuador, the United States is concerned by the political and economic situation there. We are following developments there closely.

We hope that all sectors of society come together and work with the democratically-elected Government of Ecuador to overcome the political impasse and seek solutions to the country's economic and financial crisis. This is a time to seek consensus, not partisan advantage. The United States encourages President Mahuad's efforts to institute urgently needed policy measures designed to restore economic stability and secure the foundation for future prosperity, and thus reestablish confidence. Addressing Ecuador's serious fiscal and balance of payments difficulties will enable the government to conclude a credible agreement with the International Monetary Fund.

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