Press Release No. 03/16

Press Release: IMF Managing Director Meets Ecuadorian President Lucio Gutiérrez

February 10, 2003

The Managing Director of the International Monetary Fund (IMF), Horst Köhler, today met with President Lucio Gutiérrez of Ecuador, and other members of the Ecuadorian delegation currently visiting Washington, DC. The Managing Director congratulated President Gutiérrez again on his recent election and welcomed the important policy measures that have already been taken by his government in support of their economic program. Overall, this program should substantially strengthen the country's fiscal position, stabilize the economy, and lay the basis for sustaining healthy growth. The Letter of Intent outlining Ecuador's commitments under the program and requesting IMF assistance in the amount of SDR 151 million (about US$200 million) was signed in the presence of the President and the Managing Director. The Managing Director has recommended that this request be considered by the IMF Executive Board in March.