On March 23, 2020, Ecuador marked the first milestone of the renegotiation of the debt with the cancellation of $ 341 million for payment of principal and interest on the Bonds 2020 , amid the crises of the covid-19.
The payment was criticized by many social sectors ; however, compliance with this obligation allowed the country to receive new financing and reach the last agreement with the main bondholders.
Finance reported that with the payment of the 2020 Bonds, the country would stop paying about $ 216 million of interest on the 2022, 2025 and 2030 Bonds , making use of a 30-day right of grace. This amount would serve to face the health and economic crisis of the covid-19.
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