LatinNews Daily - 31 July 2017

Ecuador: President Lenín Moreno has stated that the country is facing a “critical” economic situation due to the high level of government debt that he inherited from the previous administration led by Rafael Correa (2007-2017). Moreno, who assumed office in May 2017 after winning election for Correa’s own Alianza País (AP) party, said that the government’s current debt stands at US$41.89bn; that US$8bn a year is needed to service it; and that his administration’s objective is to promote jobs and employment and to boost investment. For his part, Correa accused Moreno of “playing” with people by exaggerating the size of the debt left by his administration ahead of the introduction of a new fiscal adjustment package due to be presented in September as part of the government’s 2018 draft budget. 

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