Patricio Rivera News
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Ecuador, which defaulted on $3.2 billion of its foreign debt four years ago, is planning to tap global credit markets this year as demand for higher-yielding assets drives down borrowing costs, Standard & Poor’s said.
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Rafael Correa was re-elected as Ecuador’s president yesterday after pledging to boost spending on the poor while the country runs up its biggest-ever budget deficit.
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Ecuador, home to South America’s third-largest oil reserves, will finance its 2013 budget deficit with a $2 billion loan from China, Finance Minister Patricio Rivera said today.
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Annual inflation in Ecuador, which uses the U.S. dollar as its official currency, was the fastest in more than two years in October, led by increases in food and services, the National Statistics and Census Institute said.
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Ecuador President Rafael Correa, who dubbed international bondholders “true monsters” when he defaulted on $3.2 billion of debt in 2008, is preparing for a return to overseas credit markets.
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Ecuador’s President Rafael Correa , who in 2008 called bondholders “true monsters,” is reviewing proposals from banks to sell bonds and is seeking to lure private investors to finance infrastructure and energy.
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Ecuador, which has defaulted on $3.2 billion of foreign debt since 2008, plans to sell international bonds this year or next to test the appetite for the country’s notes, President Rafael Correa said.
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Ecuador will probably tap the nation’s pension fund and seek a loan from China next year to help finance its estimated $2.7 billion budget deficit, according to Erich Arispe , an analyst at Fitch Ratings.
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Proposed changes to Ecuador’s public finance law may swell government debt and allow fiscal accounts to get “out of control,” the president of brokerage Albion Casa de Valores SA said.
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Ecuador signed a $2 billion loan with China Development Bank Corp., its second in less than a year, as the Asian nation seeks to secure energy and commodities supplies to meet demand in the world’s second-biggest economy.
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