In 2024, President-elect Daniel Noboa faces the formidable challenge of securing a staggering $10.5 billion to finance public spending and meet existing debt obligations. The escalating country risk further complicates his quest for foreign credit, as traditional avenues for borrowing become increasingly elusive.
Barclays, the British investment bank, has projected that Ecuador will need to borrow at least, a conservative estimate of $9.2 billion in 2024.
However, this figure may well be exceeded due to unforeseen factors like the El Niño Phenomenon or the imminent closure of the ITT oil block, a decision influenced by a prior popular consultation where...
President Daniel Noboa has intensified the estrangement within the Executive Branch by issuing a decree to overhaul the role of Vice President Verónica Abad. This restructuring, outlined in Executive Decree No. 30, places the Ministry of Labor and the National Planning Secretariat in charge of implementing the changes, signaling a significant reduction in the responsibilities assigned to Vice President Abad.
President Noboa’s decree, signed on November 24th, specifies that Vice President Abad’s sole function will be to act as “a collaborator for peace and prevent the escalation of conflict between Israel and Palestine.”
This directive involves her relocation to the...
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Guillermo Lasso’s presidency, spanning nearly 30 months, will be remembered for an exacerbation of violence, intensified drug seizures, unbridled prison chaos, and a paradoxical rise in organized crime at the expense of common criminal activities. As the administration concluded on November 23, 2023, the prevailing sentiment was one of unfulfilled promises and mounting security challenges.
Facing a looming political trial that threatened his presidency, Lasso opted for a dramatic dissolution of the National Assembly, prematurely concluding his term. Amidst political turbulence and corruption allegations, insecurity emerged as the predominant issue plaguing Lasso’s government, a predicament for which viable solutions remained...
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Update to: New Megamaxi set to open in Cuenca in November
Published: volume 8, Issue 1
Corporación Favorita inaugurated Wayra Plaza, its inaugural ‘power center,’ in Cuenca on Friday, November 24th, drawing a substantial early crowd. Álvaro Róthembach, the manager of Corporación Favorita en el Austro, emphasized that this marks the corporation’s first national level ‘power center.’
Distinguished by a more compact format than traditional shopping centers, Wayra Plaza consolidates all brand subsidiaries within a single space. The facility also offers complementary services like cafeterias, a beauty salon, financial institutions, a gym, and more.
The construction of this project commenced...