Ecuador says ready for financial crisis

Special Report:Global Financial Crisis

QUITO, Dec. 30 (Chinese media) -- President Rafael Correa said on Tuesday Ecuador

is ready to face the consequences of the global financial crisis next year.

Correa told reporters that Ecuador's economy remained sound in 2008.

According to a report by the Economic Commission for Latin America and the

Caribbean, Ecuador's economy grew by 6.5 percent in 2008, the fifth fastest in

Latin America.

Correa said Ecuador "is more prepared than ever due to one of its best

(financial) results". However, "we face a bigger challenge, that is the global

financial crisis."

Correa said he had not expected the price of oil to drop to such a low

level because it was predicted the price would stabilize at around 100 U.S.

dollars in 2008.

The government and people must "brave this difficulty," because Ecuadorian

exports and financing lines could be affected, Correa said.

Oil revenue accounts for 40 percent of the country's national budget. As a

member of OPEC, it is obligated to cut production in order to bolster prices on

the world market.

Correa said the government has worked out a plan to expand the country's

export market and seek funds from friendly countries and organizations.