That engine is a non-interference engine, so it should not have been damaged when the timing belt failed-I'd check the injector and see if it has good compression in the cylinder, and if it is low, squirt oul in the cylinder and test again-if it picks up alot of compression after doing this, you have a bad/broken compression ring, if it does not pick up, it is a valve,
According to Gates ( they manufacture timing belts ) the 2.3 L engine in a 1994
Ford Ranger is NOT an interference engine, so the valves would not make contact with the piston. If you have good spark and compression then replace or service your fuel injector for that cylinder. A red neck repair is to tap on a long extension touching the fuel injector while the engine is running. It may free up whatever is clogging it....If the injector still functions. Go easy on the cheap plastic that the injector is made of. also check for a good signal to the injector, and look for any corrosion on the plug.
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