Ecuador expels World Bank representative

Ecuadorian President Rafael Correa has expelled the World Bank (WB)'s representative in the country, accusing the organization of attempting to extort him when he served as economy minister in 2005, a government official said Thursday.

The Foreign Ministry will release an official letter of Correa's decision to expel WB representative Eduardo Somensatto of Brazil, said the official who requested anonymity.

Correa, who took office on Jan. 15, has said the WB froze a 100-million-dollar loan for Ecuador in 2005 to punish him for reforming the country's oil industry, and accused the global development lender of "extortion."

However, the WB has defended its decision, saying Ecuador violated a requirement for the credit delivery when it changed the distribution structure of an oil fund to channel more resources to Ecuador's social sector and decrease the money for public debt.

Source: Xinhua

People's Daily Online ---