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Weekly Report - 03 June 2021 (WR-21-22)

ECUADOR: High stakes for Lasso as he begins IMF discussions

On the campaign trail, Ecuador’s new President Guillermo Lasso pitched himself as the candidate that would win the goodwill of the International Monetary Fund (IMF). He inherits an economy in disarray, battered by the fall in international oil prices and lockdown measures implemented to limit the spread of coronavirus (Covid-19). Renegotiating the terms of Ecuador’s Extended Fund Facility (EFF) credit agreement with the IMF is high on Lasso’s list of priorities, and he will be intensely aware of the political costs of being seen to prioritise debt repayments over stimulus measures and social spending. To that end he has wasted little time in kickstarting discussions with the multilateral lender, holding a virtual meeting with the IMF’s managing director, Kristalina Georgieva, on 27 May.

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