Financing Challenges Will Endure As Ecuador's Current Account Deficit Widens

• The expectation is that Ecuador’s current account deficit will expand to 1.6% and 1.8% of GDP in 2020 and 2021, as a rebound in private consumption drives import growth.
• Net investment outflows will continue to put pressure on Ecuador’s foreign reserves.
• Ecuador will remain dependent on the IMF to finance its current account and trade deficits, though we expect a renegotiation of the terms of the programme.

(Source: Fitch)