Resignation letter
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Source: Diario Expreso
Mon Aug 22 2005

Mr. President,

With regards to today’s oral request I hereby duly inform you that after the last technical meeting held in Caracas among Ecuadoran and Venezuelan technicians on August 1st and 2nd, it was agreed that the coupon rate of the bonds to be issued by the country at international level will be 8.5%. This was the last important detail missing in the negotiation carried out with Venezuela and it is added to that which was agreed between the Economy Ministers of Ecuador and Venezuela at the meetings held previously in Washington, as it is publicly known.

It is worth mentioning that there have also been conversations with economic authorities from Colombia and Brazil aimed at the sale of bonds to the public and private sectors in those countries. In this sense, the only commitment undertaken by Venezuela’s Economy Ministry is to buy at least 50% of bonds to ensure the success of the operation. The bonds will be globally tradable and will represent not only an essential financing source for the country but also the return, after 20 years, to the international financial markets.

Both the Finance Vice-Minister and the Sub-Secretary of the Treasury arrived yesterday, August 2nd, very late at night, from Caracas, and today, very early in the morning they departed for New York to advance the bond operation. I carried out this whole operation, Mr. President, with your due knowledge and authorization, except for some technical details that were within my field of expertise.

On account of the above, Mr. President, I have to tell you, with all due respect, that I do not understand your displeasure at international commitments allegedly entered into by me without your knowledge. I am afraid that the real problem is the strong pressure seeking to block any relationship with a brother country like Venezuela and resulting from this the lack of credibility on my work as Minister of Economy and Finance.
Apart from the above, in the working meeting at the Foreing Office, it was evident and even embarrasing the lack of executive support of the Ministry of Energy and Mines to advance the oil refining and direct gas trade projects with Venezuela. It should be pointed out that both operations, although largely beneficial for the country, are affecting the interests of local groups.

In this way, Mr. President, and so that you may have freedom to make the best decisions for the sake of our country, I hereby submit my resignation as Ecuador’s Minister of Economy and Finance, the post you kindly appointed me to and to which I have devoted all my efforts and limited capacities. I should be grateful, Mr. President, if you could allow me to present, within a period of one week, the corresponding task report as well as the economic proposal prepared by this Ministry, which we intended to submit for the country’s consideration.
God bless you, Mr. President, since your success is the success of our nation.

Rafael Correa Delgado

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