QUITO, Ecuador - President Gustavo Noboa warned on Monday that Ecuador could end talks with the International Monetary Fund ( news - web sites) over a standby agreement.
Since early this year, Ecuador has been negotiating a letter of intent with the world lending body that would unlock US$240 million in financing.
Government officials say they have resisted IMF demands to help cover spending by raising prices of public services and slashing wages.
Noboa said Finance Minister Francisco Arosemana brought the government's final proposal to IMF headquarters in Washington last week.
"If they accept it, fine. If they don't, that's fine too," Noboa said.
"If the International Monetary Fund does not accept, we will have other solutions. But I'm not going to put the country in a state of emergency, in a state of social disaster because the gentlemen from the Fund want us to make all the increases and lower salaries."
Noboa, whose term ends in January, lashed out at IMF officials, describing them as 30-year-olds with several master's degrees.
"Why do they have to come and tell us, Latin American governments, what we should do and how we should do it?" he said.
The IMF forecasts that Ecuador's economy will grow 3.5 percent this year, one of the highest rates in Latin America.
But economists warn that the government will face a financing squeeze next year as large foreign debt payments come due.
Ecuadoreans will vote for a new president on Oct. 20.
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