Ecuadorian President Lenín Moreno has assured this Friday that the International Monetary Fund (IMF) has endorsed renegotiating the terms of a new debt restructuring agreement of $ 17,375 million (approximately € 15.2 billion). This includes a $ 1,540 million capital reduction and a grace period of five years of capital and two years of interest.
“Enriching the dialogue with (IMF Director General) Kristalina Georgieva! Kristalina highlighted our work on debt restructuring and confirmed the IMF’s support for a new resource-building deal that will help us overcome the crisis and help the weakest and revitalize the economy “said Moreno on his Twitter account.
Georgieva again stressed “the government’s rapid response to help the most vulnerable and progressive companies in debt restructuring”. “Our employees are working hard on a new program to support the country,” said the executive.
On July 20, the government of Ecuador presented the invitation to the holders of their foreign debt. According to the proposal, Ecuador is trying to exchange its 10 global bonds for four new bonds (including the interest bonds that ran between March and August) with better financing conditions.