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Andean Group - January 2015 (ISSN 1741-4466)
ECONOMY: Correa secures Chinese backing
President Rafael Correa became the first Ecuadorean head of state to conduct an official visit to China, the country’s main benefactor, in early January. The visit was borne out of necessity, with the precipitate decline in oil prices having rammed home once again the need for Ecuador to reduce its reliance on oil. Correa came back with a promise of a US$5.3bn loan from China’s Eximbank, and calmly asserted that while there would be tough times ahead it was nothing that his government had not weathered before.
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