Ecuador will use multilateral organizations’ support to reactivate its economy

RIO DE JANEIRO, BRAZIL – The government of Ecuador on Monday (12) announced that it will design strategies to promote credit aimed at reactivating the national economy, thanks to the commitment of several multilateral organizations that have offered their support.

“Credit is required to reactivate the economy; credit to build housing, for the agricultural sector, for micro-enterprises, entrepreneurs and industrialists,” said Ecuadorian President Guillermo Lasso, who led a meeting with officials from public financial institutions.

“We will analyze the balance of public financial institutions and define the first strategic lines” in this field, Lasso added during the meeting.

In statements to the press after the meeting, Minister of Economy Simón Cueva said that international organizations’ funds will be transferred in the form of credits through the National Financial Corporation (CFN) and the National Corporation of Popular and Solidarity Finances (CONAFIPS).

“The aim is for public banks to contribute to the goal of gradually reactivating the economy and to recover quality employment for all Ecuadorians,” Cueva said.

CONAFIPS manager Leonidas Espinosa highlighted the possibilities opened with the support of multilateral organizations, which he said “are funding the activities” of public financial institutions.

Espinosa added that this will provide the country with economic resources to “contribute funds to popular and solidarity economy institutions that become viable in productive credits and thereby rapidly recover” the productive sectors.

He emphasized the support of organizations such as the World Bank, the Inter-American Development Bank, and the Development Bank of Latin America.

These organizations “have trusted in the dream of many entrepreneurs,” who also have the support of the United Nations Development Program with the aim of “incorporating models that will enable the activation of sustainable credits throughout the country,” he said.