Latin America

China and the U.S. offer competing visions for Ecuador’s debt

Ecuador is rethinking trade relations with China, to which it owes billions in oil proceeds, as the U.S. seeks to reassert its hegemony on the continent

lasso united states china
President Guillermo Lasso of Ecuador met with U.S. diplomats days after his inauguration. Photo: Twitter/@LassoGuillermo

With the arrival of Guillermo Lasso to Ecuador’s presidency in May, the South American country is seeking to open up the economy to attract investors, taking the red economic figures inherited from past governments and painting them black.

However, Ecuador’s public debt — which amounted to USD 62 billion last June, according to the Economy Ministry — is one of the main obstacles Mr. Lasso must overcome before delivering on his campaign promise to create 2 million jobs, raise the basic monthly wage from USD 400 to USD 500, and provide loans to farmers at low interest rates.

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