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Ecuador Receives $1.2 Billion Loan From China for Budget

Ecuador borrowed $1.2 billion from China, its second loan from the country this year to help fund its 2013 budget, according to a Finance Ministry official.

China transferred the money to the Andean country on Aug. 12 as part of a “commercial operation” with Ecuador’s state-owned oil company, PetroEcuador, the official, who asked not to be identified because he isn’t authorized to comment publicly, said today in a telephone interview from Quito. He declined to give more details about the loan.