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US-oriented IMF & its austerity package guilty of chaos in Ecuador – ex-Central…

by Ace Damon

Protests involving Ecuador and nearly disrupting the country's oil industry are triggered by IMF-imposed economic policies guided by US foreign interests, an expert told Boom Bust.

“The IMF is heavily guided by the hands of the US State Department and the Treasury Department. Basically, what the IMF does in the western hemisphere is US foreign policy, ”Andres Arauz, a former Central Bank official from Ecuador, told RT Boom Bust. Although the IMF program approved by his country for some time has already significantly damaged the Ecuadorian economy, the latest increases in gas prices have become the final fall and forced the people to mobilize.

“The austerity package [IMF] is about 6 points of GDP [from Ecuador]. The package has weakened the Ecuadorian economy and caused people to suffer […], but with the latest decision to raise diesel and gasoline prices by over 120%, people said that is enough and mobilized, ”explained Arauz.

Asked to clarify how a leftist leader initially – Ecuadorian President Lenin Moreno – eventually secured an IMF loan agreement, Arauz said he is simply the wrong kind of leftist.

“Moreno is a kind of“ charity ”leftist who supports the charity of the handicapped or poor, but not the kind of“ transformative ”leftist”. that wants to revise the national economy or the power structure and society, ”said the economist. He added that Moreno is now seen as "a person who likes to seek the approval of […] hegemonic powers around the world" rather than defending the interests of his country.

For more stories on economics and finance, visit RT's business section.

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