QUITO, June 29 (Xinhua) -- Ecuador has asked for U.S. support in obtaining financing from international monetary organization to aid its economy, Ecuador's Economy and Finance Minister Richard Martinez said Friday.
At a press conference in the Government Palace, Martinez said he had spoken of the plan with U.S. Vice President Mike Pence on Thursday, during his official visit to Ecuador where he met with President Lenin Moreno.
"We communicated to the vice president the need for support to permit multilateral organizations to generate sources of financing with favorable conditions for Ecuador," said Martinez.
Ecuador requires funding of around 3.9 billion U.S. dollars to overcome economic problems caused mainly by the sharp fall in international oil prices, which affected the country's major export product.
In the last few years, the country has received help from the bond markets to bridge the fiscal gap.
Martinez visited Washington on June 11 and met with World Bank and International Monetary Fund (IMF) authorities in order to "maintain an open dialogue" after a period of tense relations during the premiership of former president, Rafael Correa.
"These meetings help to show the national government's intention to resume talks with multilateral organizations which, in previous years, have faltered and effected economic indicators," said Martinez.
He added that the Ecuadorian economy must provide more work for citizens, ensuring the protection of the most vulnerable.
The minister also noted that emerging markets are currently volatile, and for this reason it was not the best time for Ecuador to issue bonds.
On June 21, the Ecuadorian government received approval from the country's National Assembly to go ahead with an economic law containing various incentives for production. The law change is hoped to recoup 550 million U.S. dollars in 2018.
In May, the IMF announced GDP growth predictions for the Latin America and Caribbean region, offering an estimate of 2.5 percent growth for Ecuador in 2018 and of 2.2 in 2019.