Ecuador to impose raft of import controls

Ecuador's President Rafael Correa says his government will impose a raft of import restrictions soon to safeguard the country's economy during the global financial crisis. Correa says he will not allow Ecuador's dollars to be spent on imports such as "Colombian caramels" and "Chinese dolls" amid darkening financial forecasts. Correa also says Ecuador's overall economic standing is healthy and he does not believe there is a "high probability" of fiscal crisis. Government officials say Ecuador holds US$8.8 billion in reserves. He says new tariffs and other measures will be adopted through presidential decrees. Correa spoke Tuesday at a gathering of industrialists in the port city of Guayaquil.