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Andean Group - May 2020

Triple emergency drives debate on debt restructuring

In the face of what it is calling a ‘triple emergency’ (sanitary, social, and economic) due to the coronavirus (Covid-19) pandemic, the Ecuadorean government is facing serious financial problems. The worsening fiscal situation, at a time when the country urgently needs to increase spending, has forced the government to adopt a dual strategy of seeking to renegotiate existing debt obligations to avoid default, while requesting additional financing from multilateral institutions and the Chinese government.

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