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☆ Ecuador reaches trade deal with China, aims to increase exports, Lasso says
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

GUAYAQUIL, Jan 3 (Reuters) - Ecuador President Guillermo Lasso said on Tuesday the country has sealed a free trade deal with China, an agreement expected to increase exports and boost growth in the South American country's industrial sector. The negotiation between China and Ecuador has been successfully concluded," Lasso tweeted. With the deal, Ecuadorean exports will have preferential access to China, and the South American country's manufacturers will be able to acquire machinery and inputs at lower costs, Lasso added. Lasso has previously said the deal would secure an additional $1 billion in Ecuadorean exports to China. Between January and October 2022, Ecuadorean non-oil exports to China totaled $4.9 billion, a figure higher than any other nation with which Ecuador does export business.

☆ Ecuador's $290 mln Petrolia debt void on handover - gov't, company
▼ + stars: | 2022-12-30 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

QUITO, Dec 29 (Reuters) - Ecuador's $290 million debt to a subsidiary of Canada's New Stratus Energy (NSE.V) will be void once contracts for the operation of two oil production blocks expire on Dec. 31, the government and subsidiary said on Thursday. "The state owed the contractor, under unpaid tariffs, $290 million," the energy ministry said in a statement. Ecuador has paid Petrolia some $60 million in fees over the past two years, company manager Ramiro Paez told Reuters, acknowledging the remaining $290 million debt would be wiped when the contracts ended. The company has not yet presented its arbitration case because it must complete a mediation process first, he added. State oil company Petroecuador will on Jan. 1 take over operation of the blocks, which together produce about 14,000 barrels a day.

[1/2] U.S. President Joe Biden disembarks from Air Force One at Joint Base Andrews, Maryland, U.S., December 16, 2022. REUTERS/Elizabeth FrantzWASHINGTON, Dec 19 (Reuters) - President Joe Biden met Ecuador President Guillermo Lasso on Monday to discuss efforts to stem the flow of migrants to the United States as the White House faces increased pressure over its immigration policies. Together we've made historic strides on migration," Biden told reporters. "We have talked about migration and migration as a consequence of the economic problems of many countries in Latin America. Lasso visited the White House after former U.S.

☆ Ecuador not looking for new agreement with IMF, will maintain ties
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

GUAYAQUIL, Dec 16 (Reuters) - Ecuador has fully financed its budget for next year and is not looking for a new credit agreement with the International Monetary Fund (IMF), the country's economy minister said on Friday, adding that the government will maintain close ties with the fund. The IMF this week concluded the latest review of its $6.5 billion financing agreement with Ecuador, opening the way for a final disbursement of $700 million to the South American nation. "We have already financed next year's budget without counting on resources from a potential program with the IMF," Arosemena told reporters in Guayaquil. The IMF agreement that ends this year established goals that included tax reform, audits of public companies such as Petroecuador, anti-corruption efforts and aid to the poor. The Ecuadorian government will decide during the first quarter of 2023 if it needs a new credit agreement with the IMF.

☆ Ecuador's trade agreement with China is 'practically closed,' says Lasso
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

GUAYAQUIL, Ecuador, Dec 14 (Reuters) - Ecuadorian President Guillermo Lasso said on Wednesday that the country is on the verge of closing a free trade agreement with China, a deal that would increase exports and boost employment in the South American country's manufacturing industry. "A highly efficient negotiation has been carried out in less than 10 months and I can confirm that the agreement is practically closed," Lasso said during a meeting of businessmen from China and Latin America in the city of Guayaquil. The deal is set to secure an additional $1 billion in Ecuadorian exports to China. "Our industrial sectors' interests have been taken into account, having guaranteed the protection of employment in manufacturing areas," Lasso added. Ecuador also planned to sign a trade agreement this year with Mexico, to ensure its entry into the Pacific Alliance, besides agreements with South Korea and the Dominican Republic.

☆ 'I have no words': Ecuadoreans celebrate historic World Cup opener win
▼ + stars: | 2022-11-20 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

[1/5] Fans watch the open match Qatar v Ecuador during the FIFA World Cup Qatar 2022 in Ibarra, Ecuador November 20, 2022. REUTERS/Karen ToroQUITO, Nov 20 (Reuters) - Thousands of euphoric Ecuadoreans celebrated on Sunday in various cities around the South American nation after the country's historic victory against host nation Qatar in the opening game of the soccer World Cup. The game marked the first time a host nation had been beaten in a World Cup opener. The first round of Group A games will be completed on Monday with the game between the Netherlands and Senegal. Ecuador will play again on Friday against the Netherlands, while Qatar will face Senegal.

"There's now a big push to get nature into sovereign debt markets," said Simon Zadek, executive director at NatureFinance, which advises governments on debt-for-nature swaps and other types of climate-focused finance. At that level, it would be the biggest debt-for-nature swap struck to date. The combined value of swap deals to date is $3.7 billion, according to the data. Securing the buy-in of development banks is usually key for the economics of a deal. The WWF has projects in Central and South America where they are monitoring deforestation by tracking jaguars, said Brenes, who has worked on debt-for-nature swaps for the last 25 years.

☆ World Cup 2022: when is the opening ceremony and who is performing?
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Here's what you need to know about the opening ceremony that will take place ahead of the Nov. 20-Dec. 18 World Cup in Qatar:WHEN WILL THE OPENING CEREMONY TAKE PLACE? * The opening ceremony of the World Cup will take place on Nov. 20, ahead of the opening Group A match between hosts Qatar and Ecuador. WHO WILL BE PERFORMING AT THE OPENING CEREMONY? * FIFA are yet to announce a full list of performers for the 2022 World Cup opening ceremony. WHO PERFORMED AT THE 2018 WORLD CUP OPENING CEREMONY?

☆ Ecuador's president to skip World Cup opener v Qatar
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

QUITO, Nov 10 (Reuters) - Ecuadorean President Guillermo Lasso has decided not to attend his nation's high-profile match against Qatar kicking off the World Cup, citing domestic unrest. Qatar and Ecuador, both rank outsiders, play each other in Group A on Nov. 20 after the opening ceremony at the 60,000-capacity Al Bayt Stadium. "I have thanked the Emir of Qatar for the invitation to witness the opening match between our teams," Lasso tweeted. Instead of Lasso, his vice president Alfredo Borrero will attend the match in Qatar to represent Ecuador, according to a presidency statement. Ecuador did, however, get a three-point deduction for the 2026 World Cup qualifiers and a fine of 100,000 Swiss francs ($101,600) for using a document with false information.

☆ Two dead in gang violence at Ecuador prison after inmate transfers
▼ + stars: | 2022-11-02 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

[1/5] Soldiers guard a gate after several inmates were killed in fights between gangs, in Guayaquil, Ecuador November 2, 2022. REUTERS/Santiago ArcosQUITO, Nov 2 (Reuters) - Fighting between gangs at Ecuador's most violent prison has killed at least two people, prisons agency SNAI said on Wednesday, on the heels of attacks against police over prisoner transfers. The transfers are an attempt to reduce overcrowding and improve conditions for inmates, SNAI has said. Lasso has repeatedly accused drug gangs of using violence - including inside prisons - to retaliate against his government's efforts to combat them. Ecuador's prison system has faced structural problems for decades, but jail violence has soared since late 2020, killing at least 400 people and terrorizing inmates' families.

☆ Five police killed in Ecuador; state of emergency declared
▼ + stars: | 2022-11-01 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

REUTERS/Vicente Gaibor del PinoQUITO, Nov 1 (Reuters) - At least five Ecuadorean police officers were killed on Tuesday in explosive attacks in response to prisoner transfers from overcrowded and violent penitentiaries, prompting President Guillermo Lasso to declare a state of emergency in two provinces. He declared a state of emergency in Guayas and Esmeraldas provinces, where security forces will intensify operations and a curfew will come into force from 9 p.m. local time. Three other officers were killed in the city and nearby later in the day, the police said on Twitter. Three explosions were reported in Esmeraldas and seven prison officers were taken hostage by inmates in protest of prisoner transfers. read moreSNAI said 515 prisoners had so far been transferred from Guayaquil's Penitenciaria, Ecuador's most violent prison, to others around the country.

☆ Ecuador's slimmer budget blueprint for next year shrinks deficit
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

QUITO, Oct 31 (Reuters) - Ecuador's government predicts its budget deficit will narrow to$2.63 billion next year as it benefits from more economic growth and oil production, according to a draft spending blueprint announced by the economy ministry on Monday. The South American country should see a narrower 2023 deficit of $2.63 billion, down from $3.78 billion projected in the initial 2022 spending plan, the ministry said, citing a draft budget that would land 7% below levels approved for this year. President Guillermo Lasso, a conservative former banker, drafted a 2023 budget of $31.50 billion, down from the $33.90 billion approved for 2022. The draft budget must still be approved by Congress, made up of majority opposition lawmakers, who have 30 days to vote on it. Social investments under the plan total $15.28 billion, it added, including more spending on health, education, social security payments and university allocations.

☆ Demonstrators in Ecuador protest woman's killing, demand payment to pension system
▼ + stars: | 2022-09-22 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

Ecuadorians gathered outside police headquarters in Quito to protest the death of lawyer Maria Belen Bernal. Her husband, German Caceres, who the attorney general's office says is the main suspect in the killing, is on the run. Demonstrations against the killing followed earlier protests led by union leaders, who argued that the Ecuadorian Social Security Institute's (IESS) financial situation has muddled health services for users and put the retirement pension system at risk. "Social security isn't bankrupt, it's poorly managed," Mesias Tatamuez, one of the union leaders, told reporters. Ecuador's government reached an agreement last week to disburse $300 million through December to apply to what is owed.

☆ World leaders pledge more support for nature ahead of UN summit
▼ + stars: | 2022-09-21 | by ( Gloria Dickie | ) www.reuters.com time to read: +3 min

REUTERS/Eduardo Munoz/File PhotoLONDON, Sept 21 (Reuters) - World leaders on Tuesday stepped up financial support and conservation commitments to combat the global biodiversity crisis that threatens more than one million plant and animal species with extinction. Nations will soon gather in Montreal, Canada, for a critical U.N. biodiversity summit (COP15) to finalise and adopt a framework to protect and conserve nature. "We will continue to mobilize global support to reach this target and protect biodiversity around the planet." Currently, about 17% of the world's land area is under protection, according to a 2021 report by the World Economic Forum. But just 7% of the global ocean is under some sort of conservation scheme, with less than 3% highly protected.

☆ Ecuador reaches deal with China to restructure debt
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lauren Justice/File Photo/File PhotoSept 19 (Reuters) - Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing debt relief worth some $1.4 billion until 2025. Ecuador's President Guillermo Lasso announced in February that he was looking to restructure the country's debt and improve the conditions of long-term oil sales contracts with Beijing. Ecuador also managed to reduce certain applicable interest rates and suspend all amortizations with China Eximbank for a six-month grace period, the government said. State-owned energy company Petroecuador reached an agreement with Petrochina (601857.SS) last week on a number of crude oil deliveries. The Wall Street Journal first reported on Monday that Lasso had announced a deal to with China to restructure $4.4 billion worth of debt.

☆ Ecuador Reaches Deal With China to Restructure Debt
▼ + stars: | 2022-09-19 | by ( Sara Schaefer Muñoz | Ryan Dube | ) www.wsj.com time to read: 1 min

Ecuadorian President Guillermo Lasso, pictured in August, is visiting New York for meetings during the United Nations General Assembly. NEW YORK—Ecuadorian President Guillermo Lasso said his country had reached a deal with China to restructure $4.4 billion of outstanding debt, saving the country $1 billion from 2022 to 2025. “This is a great development for Ecuador,” President Lasso told The Wall Street Journal on Monday.

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