World Bank to leave Ecuador

Dan Beeton at CEPR sent us this update. Ecuador's president said that a World Bank rep tried to bribe him to accept a loan three years ago. As developing nations begin to reject loans from the World Bank/IMF, these IFIs will continue to struggle. They stay afloat from loaning money at interest to developing nations -- often w/ economic policy conditions attached. Well, Ecuador President Correa is tired of it.

Ecuador's Correa to expel World Bank representative
AFP, QUITO, Petroleumworld.com 04 16 07

Ecuadoran President Rafael Correa said Sunday he would expel the World Bank's representative in Quito, accusing him of withdrawing funds in protest over the government's oil sector reforms.

The leftist president said the World Bank official had tried to blackmail him when he was economy minister in 2005 with a loan of 100 million dollars. READ FULL ARTICLE

In other news, Ecuador is honoring the contributions of Afro-Ecuadorians beyond the soccer field. Afro-Ecuadorians, or Ecuadorians of African descent, have long been a "marginalized community" in the country. Visit the embassy's website to learn more.