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New Economy

Ecuador’s Fiscal Deficit Narrowing on Oil Windfall, Lasso Says

  • Ecuadorian President Guillermo Lasso speaks in an interview
  • Lasso’s second year in office to focus on investment
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Ecuadorian President Guillermo Lasso says there is no debt crisis on the horizon. He speaks with Bloomberg’s Shery Ahn at the Bloomberg New Economy Gateway Latin America.Source: Bloomberg

Ecuador’s fiscal standing is rapidly improving thanks to higher international oil prices, putting the country in position to beat the target agreed with the International Monetary Fund for this year, President Guillermo Lasso said.

The South American nation may post a fiscal deficit of less than the IMF’s 2% of gross domestic product target if oil prices sustain this year’s gains, Lasso told Bloomberg’s Shery Ahn during an interview at the Bloomberg New Economy Gateway Latin America on Thursday. That compares to a deficit of about 4% of GDP last year and around 7% in 2020, he said.