LatinNews Daily - 20 September 2022

In brief: Ecuador restructures debt with China

* Ecuador’s President Guillermo Lasso has announced that his government has reached agreements to restructure US$3.22bn of debt to China. Of this total, US$1.39bn is owed to the China Development Bank (CDB) and US$1.83bn is owed to the Export-Import Bank of China (Eximbank). The loans have been extended for three years, with the CDB loans now falling due in 2027 and the Eximbank loans falling due in 2032. The interest rates on the debt have also been reduced, by between 0.30% and 0.95% across four CDB loans, and by between 0.20% and 0.55% across four Eximbank loans.

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