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Ecuador Planning Austerity Measures for IMF Agreement
January 2, 2024
Ecuador plans to cut spending by about 2% of GDP under the new government that took office in late November. The government is said to be planning some austerity measures in order to be able to sign a standby agreement with the IMF. Among the measures, they plan to reduce the number of public contractors and cut inefficiencies at state-run companies. The finance minister Juan Carlos Vega said, “There are thousands of fires to put out… not going to make an effort of five to six points like Argentina, which is too drastic”
Ecuador’s dollar bonds are trading at distressed levels of ~24 cents on the dollar.
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