Moreno meets with Lagarde, IMF staff at the World Economic Forum in Davos, Switzerland

Jan 23, 2019

President Lenin Moreno met with International Monetary Fund (IMF) director Christine Lagarde Wednesday morning in Davos, Switzerland. Among the subjects discussed was the possibility of Ecuador seeking an IMF loan.

IMF director Christine Lagarde

Both Moreno and Lagarde are in Davos to attend the World Economic Forum.

Before leaving for Switzerland Moreno had said he intended to talk to Lagarde about the possibility of IMF financial assistance for Ecuador. “It is an option that is on the table although the government has not determined if we want to actively pursue it at this time,” he said.

Ecuador has not approached the IMF for funding in more than a decade. In 2007, former president Rafael Correa denounced the IMF and World Bank as “neo-colonialist vampires who want to suck little countries of their sovereignty” and said his government would have nothing to do with them.

Last year, Lagarde said Correa had changed his opinion shortly before he left office and had contacted her to discuss resuming relations.

Following her meeting with Moreno, Lagarde said the two discussed a number of mutually important topics. “We had a productive and friendly conversation and a useful exchange of views on the prospects for the global economy and the economic and social outlook in Ecuador. I stressed my support for President Moreno’s reform efforts and for his strong focus on protecting the poorest members of Ecuador’s society as the government advances its policy agenda.”

Lagarde and Moreno provided no other details about the meeting.

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