ECUADOR

On October 5, the President of Ecuador, Lenín Moreno, announced an economic recovery plan focused on expanding the social protection system for the most vulnerable households, boosting economic reactivation by granting credits to the productive sectors, and making all the pending payments to the suppliers, institutions and local governments which normally receive state resources. 

Moreno said that in the next three months, the country will receive USD 7.15 billion in resources from the IMF, the World Bank (WB), the Inter-American Development Bank (IDB), the CAF Development Bank, and a number of “Chinese banks”. The resources will be used to cover the expenses involved in the economic plan, and for health and education sectors.

Likewise, the Executive explained that one of the government’s goals is to reduce the GDP to debt ratio by 2025, adding that there are plans to improve transparency in the Central Bank audits, in addition to reinforcing its independence. Finally, Moreno announced plans to draft an anti-corruption law.