LatinNews Daily - 25 May 2022

In brief: Ecuador’s Lasso touts economic progress

* Ecuador’s President Guillermo Lasso has marked his government’s first year anniversary in power by touting its economic achievements, highlighting Ecuador’s recovery from the coronavirus (Covid-19) pandemic. He highlighted GDP growth of 4.2% in 2021, stating that “the worst of the storm has passed” since GDP plummeted by 7.8% in 2020 on account of the pandemic. Claiming to have “pulled Ecuador back from the economic precipice”, Lasso said that investments totalling US$500m were secured during his first year in office. He also highlighted the agreement struck between his government and the International Monetary Fund (IMF) in September 2021. Announcing his economic priorities for the remainder of his time in office, Lasso reiterated his goal of doubling oil production to 1m barrels per day by 2025, which he said would eliminate the fiscal deficit and fund investments in healthcare, education and security.

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