LatinNews Daily - 21 March 2023

In brief: Ecuador’s country risk rises as impeachment process advances

* Ecuador’s country risk has surged to 1,950 points amid continued uncertainty caused by the advance of an impeachment process against President Guillermo Lasso. Country risk, which measures the uncertainty associated with investing in a country, is up from 1,890 points on 16 March and from 1,613 points on 12 March. According to figures compiled by the central bank, it is now at its highest level since September 2020, when country risk surged amid the coronavirus (Covid-19) pandemic. The impeachment motion against Lasso advanced again yesterday when it was approved by the national assembly’s administrative council (CAL) with five votes in favour and two abstentions. It now proceeds to the constitutional court. If the impeachment motion clears this next hurdle, removing Lasso would require the support of 92 of Ecuador’s 137 legislators – fewer than the number which recently voted to approve a report recommending his impeachment.

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