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Quito plans to raise $2.5bn from lenders to tame fiscal deficit

Gideon Long in Quito

Heavily indebted to China and seeking to adjust to lower oil prices, Ecuador plans to issue eurobonds as part of a push to raise $2.5bn from global lenders and narrow one of the region’s widest fiscal deficits.

Lenín Moreno’s nine-month-old government is picking up the pieces left by the previous leftwing administration, which financed Ecuador in large part with opaque loans-for-oil deals with Beijing.