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In March, the Moreno administration preferred to pay US$340 million to foreign debt creditors.
Ecuador's President Lenin Moreno Wednesday announced that his country will receive a US$2 billion loan from China, besides the US$6.5 billion that was negotiated with the International Monetary Fund (IMF).
"During this year, we are also going to receive US$2 billion from the People's Republic of China," Moreno said and acknowledged that his administration reached a technical agreement with the IMF in August.
In October 2019, however, the first Ecuador-IMF agreement sparked massive protests across the country. Several social organizations took to the streets for over 10 consecutive days to reject the economic policies that the Moreno administration announced.
In March, amid the worst moments of the COVID-19 pandemic, the Ecuadorian government was also harshly rejected by the population because its officials preferred to pay US$340 million to foreign debt creditors instead of using that money for the health emergency.
@KGeorgieva please find below the letter of a real person that cares about Ecuadorian citizens, Andres Arauz @ecuarauz Candidate for the Presidency of Ecuador. Lenin Moreno has become a National and International shame, dishonest, traidor and most hated by his citizens. pic.twitter.com/UHi3Zr1M0G