Government reaches agreement with holders to reduce external debt

The agreement will allow the release of USD 16,000 million in the next 10 years.

Ecuador reached an agreement with the largest group of external debt holders. This was announced by President Lenín Moreno on his Twitter account,

Moreno indicated that the agreement allows reducing the debt by USD 1,500 million; lower interest from 9.2 to 5.2%; and extend the term by an additional 10 years and a 5-year grace period for payment of principal.

Actuar con decencia trae grandes resultados. Logramos un acuerdo con el grupo más importante de tenedores de bonos que permitirá:

— Lenín Moreno (@Lenin) July 6, 2020

«With this we will release more than USD 16,000 million in the next 10 years!»

The president completed his message by noting that «acting with decency brings great results.»