NAIE [Antonio VARGAS]; Coordinator of
Social Movements or CMS [F. Napoleon SANTOS]; Popular Front or FP
[Luis VILLACIS]

International organization participation: CAN, CCC, ECLAC, FAO,
G-11, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IFAD,
IFC, IFRCS, IHO, ILO, IMF, IMO, Intelsat, Interpol, IOC, IOM, ISO,
ITU, LAES, LAIA, NAM, OAS, OPANAL, OPCW, PCA, RG, UN, UNCTAD,
UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO

Diplomatic representation in the US: chief of mission: Ambassador
Ivonne A-BAKI

chancery: 2535 15th Street NW, Washington, DC 20009

telephone: [1] (202) 234-7200

FAX: [1] (202) 667-3482

consulate(s) general: Chicago, Houston, Los Angeles, Miami, New
Orleans, New York, Newark, Philadelphia, and San Francisco

Diplomatic representation from the US: chief of mission: Ambassador
Gwen C. CLARE

embassy: Avenida 12 de Octubre y Avenida Patria, Quito

mailing address: APO AA 34039

telephone: [593] (2) 562-890

FAX: [593] (2) 502-052

consulate(s) general: Guayaquil

Flag description: three horizontal bands of yellow (top, double
width), blue, and red with the coat of arms superimposed at the
center of the flag; similar to the flag of Colombia which is shorter
and does not bear a coat of arms

Ecuador Economy

Economy - overview: Ecuador has substantial oil resources and rich
agricultural areas. Because the country exports primary products
such as oil, bananas, and shrimp, fluctuations in world market
prices can have a substantial domestic impact. Ecuador joined the
World Trade Organization in 1996, but has failed to comply with many
of its accession commitments. In recent years, growth has been
uneven due to ill-conceived fiscal stabilization measures. The
aftermath of El Nino and depressed oil market of 1997-98 drove
Ecuador's economy into a free-fall in 1999. The beginning of 1999
saw the banking sector collapse, which helped precipitate an
unprecedented default on external loans later that year. Continued
economic instability drove a 70% depreciation of the currency
throughout 1999, which eventually forced a desperate government to
"dollarize" the currency regime in 2000. The move stabilized the
currency, but did not stave off the ouster of the government. The
new president, Gustavo NOBOA has yet to complete negotiations for a
long sought IMF accord. He will find it difficult to push through
the reforms necessary to make "dollarization" work in the l