Rafael Correa wanted to fast-track development projects when he was president of Ecuador, so he borrowed billions of dollars from China. But the loans have come back to haunt his successor, Lenin Moreno, who will go hat in hand to China this month to seek more flexible terms and breathing space. A onetime ally and now bitter enemy of Correa, Moreno and his government are straining under a huge budget deficit caused partly by obligations to the Chinese, whose loans financed roads, dams, schools and office buildings during Correa’s time in office from 2007 to 2017. Read more>>
In this article:
