Ecuador, US$65b in debt, now on its knees - News Summed Up

Ecuador, US$65b in debt, now on its knees


A body in a cardboard coffin ready to be taken away to be buried, outside the Teodoro Maldonado Hospital in Guayaquil, Ecuador, Monday, April 6. Ecuador, which largely depends on oil exports, was already buckling under US$65 billion in foreign debt, when the coronavirus struck. Officials have said there is no risk of fuel shortages within Ecuador due to ample storage. Ecuador produces roughly 530,000 barrels of crude daily. Ecuador will request help from the financial institutions including the Inter-American Development Bank, the World Bank and the new United States Development Bank, Moreno said.-AP


Source: The Standard April 11, 2020 10:30 UTC



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