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LatinNews Regional Monitor: Andean Group - 10 March 2020

In brief: Ecuador’s energy minister resigns amid economic struggles

* Ecuador’s minister of energy and non-renewable natural resources, José Augusto Briones, has resigned, just four months after his appointment in November 2019, citing health issues. His resignation coincided with a disastrous day for Ecuadorean markets, as WTI crude oil prices fell by more than US$10 to close at US$31.13 per barrel, and Ecuador’s country risk spread closed the day at 2,792 basis points, the worst figure since 2009. Ecuador’s President Lenín Moreno promised immediate action to salvage the economy, and appointed experienced former energy minister René Ortiz to replace Briones. These developments will increase the pressure on Moreno to cut government spending, as per his agreement with the International Monetary Fund (IMF), but this risks rekindling the large-scale popular protests of October 2019, triggered by proposed cuts to fuel subsidies.

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