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Negotiation of Ecuador’s debt with China is still tied to oil- Ecuador Times

Date: Jun 10, 2020

Ecuador’s credit operations with China can hardly be separated from oil collaterals. Amid a global debt renegotiation, several experts and even economic advisers to the Lenin Moreno government see China as a major financier for the country.

However, the warning is evident that “the mistakes of the past are not incurred again”, when referring to onerous debt contracts, with crude oil deliveries that far exceeded the amount of contracted credit, with high rates and short terms .

China is the government to which Ecuador owes the most in the debt structure. The bilateral debt to April is located at $ 6,032 million, of which 92% corresponds to China . In addition, Ecuador made presales to China and other Asian countries for a total of $ 10.5 billion in the Rafael Correa government . Currently, those debts are almost paid, but the commitment to sell crude remains until 2024.

To read the full article on Ecuador Times, click here.