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

Press Statement by James P. Rubin, Spokesman
April 19, 1999

Economic Crisis in Ecuador

The U.S. Government recognizes the burden on the people of Ecuador as a result of the current financial crisis. Strong fiscal reforms and firm actions to restore the health and soundness of the banking system are necessary to put Ecuador on the road to economic stability and growth, and to lay the basis for a better economic future for Ecuador’s people. Enactment by the Ecuadoran Congress of the package of fiscal reforms now before it would do much to put Ecuador on the road to recovery. At the same time, the Ecuadoran Government will need to find ways to put the country’s banking system on a sound basis. We encourage the government and Congress to work together to take the necessary measures to achieve those ends.

The U.S. remains supportive of economic reform in Ecuador and would look forward to supporting a strong and credible adjustment program for Ecuador with cooperation between Ecuador and the international financial institutions.

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