LatinNews Daily - 16 April 2021

In brief: Moody’s predicts Ecuador’s Lasso will renegotiate IMF debt

* The international credit ratings agency Moody’s Investors Service has predicted that Ecuador’s president-elect Guillermo Lasso will struggle to implement the structural reforms demanded by the International Monetary Fund (IMF), and may have to renegotiate the conditions of the country’s Extended Fund Facility (EFF) agreement with the multilateral organisation. Moody’s highlighted the minority support that Lasso will have in the national assembly, where his Movimiento Creo party will hold just 12 out of 137 seats, as the biggest obstacle to economic restructuring. Yesterday (15 April) the IMF’s Director for the Western Hemisphere Department, Alejandro Werner, said that there was an “important understanding” with Lasso, and that “when the president elect is ready to start interacting with our teams, of course we will begin exchanging viewpoints”. The structural adjustments in question are a condition of the US$6.5bn EFF that Ecuador signed up to in September 2020.

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