NS4540 Winter Term 2019 Ecuador and the IMF, 2019

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NS4540 Winter Term 2019 Ecuador and the IMF, 2019 Europa brazil economy

Overview In February 2019 Ecuador signed a $4.2bn program with the IMF Represents final break by President Lenin Moreno with policies of his predecessor Rafael Correa Loan forms part of larger $10bn package with other multilateral lenders to support country’s struggling economy Presently country burdened by external debt that grew under Correa, in part to oil-backed loans from China Moreno who came to power in 2017 trying to Curb public spending and Support country’s external accounts with bond issues Problem – long record of past defaults makes borrowing very expensive

Current Crisis Over past two years Moreno sought to Reform economy and Distance him from more controversial political positions of Correa Correa now faces corruption charges and lives in Belgium Ecuador fell into recession in 2016 with the decline in oil prices Because economy fully dollarized, unable to devalue to improve competitiveness Country stills owes China about $4bn in loans for oil

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