Ecuador reaches deal with China to restructure debt
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Last week, President Guillermo Lasso announced that Ecuador reached an agreement with China to restructure $4.4 billion of its outstanding debt, saving the country $1 billion over three years, reports the Wall Street Journal. Debt restructuring negotiations had begun in February of this year and concluded last Monday. As Ecuador’s most important trade partner, China’s agreement to reschedule payment was crucial for the South American country. Ecuador also currently finds itself in the throes of an IMF repayment plan. The new
Ecuador reaches deal with China to restructure debt
Ecuador reaches deal with China to…
Ecuador reaches deal with China to restructure debt
Last week, President Guillermo Lasso announced that Ecuador reached an agreement with China to restructure $4.4 billion of its outstanding debt, saving the country $1 billion over three years, reports the Wall Street Journal. Debt restructuring negotiations had begun in February of this year and concluded last Monday. As Ecuador’s most important trade partner, China’s agreement to reschedule payment was crucial for the South American country. Ecuador also currently finds itself in the throes of an IMF repayment plan. The new