LatinNews Daily - 16 November 2020

* Ecuador’s economy & finance minister Mauricio Pozo has claimed that the country’s economy is recovering faster than expected from the impact of the coronavirus (Covid-19) pandemic, and said that the government is now predicting a 9% contraction in 2020 – better than the 10.9% decline forecast by the International Monetary Fund (IMF) in July. Pozo attributed this improvement to the arrival of emergency credit from the IMF and other multilateral organisations. Following the government’s signing of a US$6.5bn credit agreement with the IMF in September, an initial disbursement of US$2bn arrived in October, and another US$2bn is expected before the end of the year. A US$500m disbursement from the World Bank is also due to be finalised in November.

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