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Reuters
Reuters
Business

SHOCKING: Ecuador reaches deal with china to restructure debt - What They Never Told You

Ecuador China Guillermo Lasso Oil China Development Bank
FILE PHOTO: Ecuador's President Guillermo Lasso speaks during the Leaders' Second Plenary Session during the Ninth Summit of the Americas in Los Angeles, California, U.S., June 10, 2022. REUTERS/Lauren Justice/File Photo/File Photo

Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing relief worth some $1.4 billion until 2025.

Ecuador's President Guillermo Lasso announced in February that he was looking to restructure the country's debt and improve the conditions of long-term oil sales contracts with Beijing.

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