Ecuador in Talks for $1.7 Billion Loan From China, Correa Says
Ecuador’s President Rafael Correa said the government is negotiating a $1.7 billion loan from China and that it had scrapped plans for a global bond sale this year.
Ecuador’s 2012 budget plan is completely financed, Correa said today at a meeting with the country’s foreign press association in Quito.
The South American country that has defaulted on foreign debt twice since 1999 is planning a 2012 budget deficit of $4.23 billion and expects to receive $4.38 billion in loans from multilateral lenders like the Inter-American Development Bank and the “friendly” nations of China and Russia, Finance Minister Patricio Rivera has said.
The government received a loan commitment from China in December for at least $1 billion, central bank President Pedro Delgado has said.
To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net.
To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.
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