More Political Rumblings

January 2008 | Ratings Update

Ecuadorian President Rafael Correa has decided to strip the country's finance ministry of its power over public investment decision making and economic incentive policy. Correa has described the ministry as a 'monster of many heads' and that from now on it will essentially retain an administrative role 'for political objectives'. These developments are worrisome and are just one example of the fractious political landscape in Ecuador. Crucially, however, we note that the ministry will not lose its powers on external debt policy, which should offer foreign investors some comfort.

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