Esteban Ferro, Ecuador’s deputy finance minister, said on Wednesday the nation still faces a $3.5 billion financing gap as its struggles to cope with the overwhelming cost of fighting the COVID-19 pandemic.
In a video conference open to the public, he said the shock of not only the pandemic but also the sharp drop in oil prices that slammed the economy prompted a call for “the support of our creditors to address this crisis to help Ecuador back onto a path of growth and development.”
Gross financing needs widened in 2020 to $13.5 billion from $5.6 billion, and financing gaps are expected to remain high in the coming years.
“The 2020 financing gap still needs work,” Ferro said. “We are left with a $3.5 billion financing gap.”
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