Noboa pitches Ecuador to U.S. investors, says a $3 billion IMF loan will help stabilize the economy

In a meeting with Wall Street investors on Friday, President Daniel Noboa said Ecuador hopes to secure a $3 billion loan from the International Monetary Fund in the coming weeks. Following his comments, Ecuador’s country’s risk rating fell to 1,341 points, the lowest in three years.

President Daniel Noboa met with U.S. investors in Washington D.C. on Friday.

During the meeting, Noboa also detailed the progress his government has made in its first 100 days. “With the strong support of our people, we are making significant progress in our fight against international criminal groups,” he said. “We understand this fight will take time and resources, but we are dedicated to the goal of restoring peace to our communities.”

He added: “We are also taking concrete steps to stabilize our finances, reactivating our economy and adding new jobs.”

The president said that increasing several taxes, including the VAT, are the “first steps” toward balancing the national budget. “Recovering from the pandemic has been a slow process for my country, but we are finally moving in the right direction. We are confident we can meet our obligations.”

Noboa cited new trade deals with China and Costa Rica as proof of Ecuador’s dedication to the free market. “These agreements open and expand markets for our products, especially for our agricultural and seafood industries,” he said. “These arrangements will add thousands of jobs to the economy and lower prices for consumers.”

He said the government is pursuing at least three more trade agreements, including one with the U.S.

Noboa, Economy Minister Juan Carlos Vega and Foreign Minister Gabriela Sommerfeld are on a four-day visit to the U.S. and Canada to meet with investors and government officials.