General background: The "Republic of the
Equator" was one of three countries that emerged
from the collapse of Gran Colombia in 1830 (the others
being Colombia and Venezuela). Between 1904 and 1942,
Ecuador lost territories in a series of conflicts with
its neighbors. A border war with Peru that flared in 1995
was resolved in 1999.
Area comparative:
Slightly smaller than Nevada
Climate: Tropical
along coast, becoming cooler inland at higher elevations;
tropical in Amazonian jungle lowlands
Terrain:
Coastal plain (costa), inter-Andean central highlands
(sierra), and flat to rolling eastern jungle (oriente)
Population: 13,447,494 (July 2002 est.)
Ethnic groups: Mestizo (Mixed Amerindian and
White) 65%, Amerindian 25%, Spanish and others 7%, Black
3%
Religions: Roman Catholic 95%
Language: Spanish (official), Amerindian languages
(especially Quechua)
Government type: Republic
Capital: Quito
Legal system: Based on civil law system; has
not accepted compulsory ICJ jurisdiction
Economic 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. 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 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. Gustavo NOBOA, who
assumed the presidency in January 2000, has managed
to pass substantial economic reforms and mend relations
with international financial institutions. Ecuador completed
its first standby agreement since 1986 when the IMF
Board approved a 10 December 2001 disbursement of $96
million, the final installment of a $300 million standby
credit agreement.
Communication/Telephone system: Generally elementary
but being expanded.
Places of interest:
Travel tips: Though most travel in Ecuador is
relatively safe, economic instability provoking unrest
in the country's recent past does warrant that extra
bit of caution from the traveler.
|
