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Ecuador Political News

Ecuador gets debt reprieve from China- Latin Finance

Ecuador’s Finance Ministry said late Wednesday that it reached an agreement with China Development Bank (CDB) to postpone $417 million in loan payments for a year.

The country was originally scheduled to pay $167 million through the end of 2020 and $250 million from January to July 2021. Under the new agreement, Ecuador will pay the $417 million in 11 quarterly payments of close to $38 million each from the last quarter of 2021 until the second quarter of 2024, the ministry said in a press release.

The interest rate remains at 7.16%, as in the original credit line from April 2016, the ministry added.

To read the full article on Latin Finance, click here.



#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

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