The government yesterday announced that it had reached an agreement in principle (AIP) with a group of major creditors (the Ad Hoc Group) on restructuring terms for its international bonds (see press release). It follows the consent solicitation that...

Ecuador announced a consent solicitation yesterday as it seeks to amend certain terms of its bonds in order to provide short-term payment relief. Specifically, it is seeking approval to defer until August interest payments originally due between 27 M...

The IMF announced last night that Ecuador has expressed its intention to seek emergency financial support through its rapid financing instrument (RFI) and, it seems, a new IMF programme. We think continuing IMF support and the authorities' commit...

As well as our review of the month to date in frontier and emerging markets, we focus on Latin America, where protests have proliferated this year (eg Argentina, Bolivia, Chile, Colombia, Ecuador, Haiti, Peru, Venezuela). The small Emerging and...

We attended the October 2019 Annual Meetings in Washington, DC, where we met with IMF mission chiefs, their teams, and other senior officials from the IMF and the official sector. We wish to thank all our hosts for their time and for the constructive...