Economics
Ecuador Bonds Rally on $4.2 Billion IMF Deal to Serial Defaulter
- Nation has paid back only one bond in its two-century history
- Notes due in 2028 climb to six-month high after IMF package
Photographer: Andrew Harrer/Bloomberg
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Ecuador’s benchmark bonds soared to a six-month high after President Lenin Moreno’s government secured a $4.2 billion loan package from the International Monetary Fund.
The aid is intended to support the OPEC nation over the next three years as it tries to curb spending and revive sluggish growth. Including the IMF package, Ecuador is set to receive more than $10 billion in loans from multilateral lenders, Moreno said Wednesday in a televised address to the nation.