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IMF reveals that it is negotiating a new agreement with Ecuador
Thursday, March 7, 2024 - 15:42
Fuente: Reuters

Ecuador's international dollar bonds rose on Thursday, with those for 2040 and 2035 increasing 2 cents each, while those for 2030 added 1.75 cents, according to LSEG data.

The International Monetary Fund (IMF) reported Thursday that Ecuadorian authorities officially requested "a few weeks ago" to begin discussions on a possible new program with the IMF, but did not provide details.

"IMF staff are actively engaging with authorities to assess the economic situation and support reforms aimed at addressing the challenges facing the country," fund spokeswoman Julie Kozack said at a scheduled news conference.

"The recent wave of violence has come at a time of challenging macroeconomic and fiscal prospects for Ecuador," he added.

Ecuador's international dollar bonds rose on Thursday, with those for 2040 and 2035 increasing 2 cents each, while those for 2030 added 1.75 cents, according to LSEG data.

The Ecuadorian government did not immediately respond to a request for comment, but President Daniel Noboa said earlier this week that the government is also "working on an agreement with the IMF that will be finalized in the next two or three months."

Ecuador has been battling violence attributed to drug trafficking, with the government proposing last month to increase security spending by $214 million this year while deploying the military to help combat the violence.

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Reuters