Ecuador Bent on Buttressing Ties with China

Ecuador´s government is moving to branch out its financial ties and pump up economic links with China.

In an interview with the Financial Times, Finance Minister Rafael Correa said Ecuador is willing to cooperate and beef up relations with China and other "friendly countries" such as Brazil, Venezuela and Spain.

According to Mr. Correa, Ecuador remains fully solvent. “As we speak, we can pay up to the last penny of the debt we owe, [but] we have to diversify sources of finance,” the minister added.

Ecuador was also looking to China to help boost an oil sector that accounts for 40 per cent of exports.

Mr. Correa insisted that Ecuador is seeking to reactivate its economy inside a framework of fiscal discipline and by pouring more funds into energy, tourism and other key sectors.