Ecuador takes far-reaching measures to save economy

Ecuador has announced drastic measures to keep its floundering economy afloat amid the coronavirus pandemic, including scrapping seven state-owned companies, liquidating the national flag carrier and closing embassies around the world.

The Andean nation has recorded more than 34,000 coronavirus cases. Its number of deaths, at nearly 3,000, is by far the worst per capita in Latin America. In a televised address, President Lenín Moreno said Ecuador was suffering a crisis worse than “all the wars and natural disasters put together that the country has suffered throughout its history”.

Ecuador’s finances were shaky even before the coronavirus crisis, and it has been battling to put them in order. It agreed a $4.2bn package with the IMF last year as part of $10.2bn of borrowing from multilateral lenders, but struggled to implement it. The country has now negotiated a four-month reprieve from repayments with bondholders while it tries to restructure about $19bn of sovereign debt.
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By MSc(Econ) Lassi Pensikkala - International Travel and Business Expert

Lassi Pensikkala is the creator of AmerExperience.com. He writes regularly providing thought leadership on topics related to Travel, Golf, Business, Health, and Lifestyle. You can follow him on Twitter @amerexperience or connect on Linkedin. You can read his business and travel magazines on Flipboard @amerexperience Expertise: International Travel And Business Expert Creator of AmerExperience.com - Education: Studied International Business in Business School of Turku Finland, and Economy, Psychology and Sociology at the University of Hamburg graduated as MSc(Econ) - Language skills: Multilingual - English, German, Spanish, Swedish and Finnish - Life philosophy: 1959 and the 60’s were the golden times of Rock’n Roll, student movements, and first flight to moon. The nordic people were free to travel in the Scandinavian countries including Finland. No passports or travel documents were needed. The freedom still today is the most important for the Scandinavians from that epoch. Freedom is to travel, learn to know new countries and other languages, and meet different people and cultures. He wishes the new generations would have the same possibilities experiencing all that what makes you feel free, and building a strong personality. -

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