QUITO (Dow Jones)--Ecuador is ready for any possible fallout from the European debt crisis and a slowdown in global growth, and if necessary can access a contingency line of credit valued at $1 billion, said Jeannette Sanchez, minister coordinator for economic policy.

Sanchez said the contingency credit line would come mainly from the Andean Development Corp., or CAF, and the Inter-American Development Bank, or IDB. In an interview late Tuesday, she also noted the government has deposits at the central bank that it can draw upon.

Additionally the administration of President Rafael Correa could use loans from friendly governments, including China, said Sanchez.

"The contingency line will be activated only if necessary," said Sanchez, adding that credit lines have also been negotiated with some "friendly countries and these resources will also be activated only if necessary."