Letter sent by Mahuad to the IMF would ratify Guillermo Lasso’s participation in the 1999 economic crisis

At that time, Guillermo Lasso served as Super Minister of the Economy and had the task of applying the multilateral program in the country.

The citizen platform, Va Por Ti Ecuador, collected a letter signed by the former president of Ecuador, Jamil Mahuad, and addressed to the former head of the International Monetary Fund (IMF), Michel Camdessus, in which it would be shown that Guillermo Lasso, who worked As Minister Secretary of State for the Economy, he played an important role in the negotiations with this body in 1999.

In this letter, Mahuad informs the IMF Managing Director, Michel Camdessus, of the decision to appoint Guillermo Lasso as Super Minister of the Economy and emphasizes that he is a trustworthy person who «fully shares the content of the Economic Program.»

“The Minister Secretary of State for the Economy, Mr. Guillermo Lasso, has the duty to coordinate activities between the entities of the Ministry of Finance and Public Credit, the Ministry of Energy and Mines, the National Modernization Council and the Solidarity Fund. As well as the obligation to prepare and execute medium and long-term projects corresponding to said organizations ”.

Mahuad put as a guarantee the «professionalism and seriousness» of the authority to whom I entrust «these delicate functions» to ensure that the execution of the program is «fully carried out.»

The document also details that the development of the 1999-2000 economic program concluded on August 27 and that it was reviewed and approved by the IMF mission chaired by John Thorton.

The letter is dated August 31, 1999, four days after the preparation of the Economic Program approved by the IMF. Five months after the bank holiday and four months before the declaration of the country’s dollarization, in January 2000.

In 1998 annual inflation was 36%; in 1999 it rose to 56% and in 2000, in the midst of a dollarized economy, it reached 97%.

Source: Plataforma Va por ti Ecuador

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