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Andean Group - April 2019

Moreno takes the medicine, but will it work?

As widely expected, Ecuador in late February signed a financing agreement with the International Monetary Fund (IMF), plus other multilateral lenders, for a total amount of US$10bn. Much as happened in Argentina, the gradualist approach to fiscal adjustment didn’t work, and President Lenín Moreno – like President Mauricio Macri – ran out of options.

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