Ecuador: Indigenous Peoples & Government Agree on Credit Issues

On Tuesday, the Ecuadorian Indigenous movement and President Guillermo Lasso's administration reached a first agreement in the dialogue process that began last week.

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Consensus was achieved in the "Public and Private banking" group, which addressed issues related to the generation of new lines of credit for producers, debt restructuring, and the cancellation of overdue financial obligations.

"There will be greater access to credit for the rural and popular sectors," said Interior Minister Francisco Jimenez, who is also the head of the government's negotiating team.

Among the agreements are the forgiveness of loans for up to US$3,000, the refinancing of overdue debts up to US$10,000, and the granting of productive loans for US$540 million, of which US$200 million will be granted with an interest rate of 1 percent over a 30-year term.

The agreement on financial issues was signed by representatives of Indigenous organizations, the Financial Policy and Regulation Board, and BanEcuador.

After negotiations on productive development begin on Wednesday, Indigenous organizations and the Lasso administration are expected to address issues related to oil and mining activities. So far, however, no consensus has been reached on fuel subsidies.

Other social organizations have remained on the sidelines of the dialogues with the Ecuadorian government, arguing that their demands have not been properly scheduled.

"We have not renounced the right to resistance and social protest," said Jose Villavicencio, vice president of the United Workers' Front (FUT).