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Ecuador Starts Debt Talks as Economic Strains Mount- Bloomberg

Date: Jun 3, 2020

Ecuador is kicking off the first round of creditor talks this week with the goal of releasing an initial debt restructuring offer as early as late June, according to people with direct knowledge of the matter.

President Lenin Moreno’s administration is pressing to avoid a hard default and to regain access to credit markets. The South American nation plans to convene a call with its biggest bondholders, including a group led by BlackRock Inc. and Ashmore Group Plc, on Wednesday as it looks to plug a multibillion dollar financing gap for 2020, said the people, who requested anonymity because the talks are private.

Ecuador is also working to secure a staff-level agreement from the International Monetary Fund and to complete $2.4 billion in loans from China. Half of the Chinese disbursement will come this month, the people said.

To read the full article on Bloomberg, click here.