Ecuador’s debt with China is at least US$ 8.65 billion

It is estimated Ecuador’s debt to China has risen to at least US$8.6 billion, which represents Ecuador’s largest overall debt to any country (El Universo, 11 November 2016). The debt is composed of cash advances from China in exchange for future petroleum sales and Chinese funds to Ecuador during the past 10 years. Since Ecuadorean President Rafael Correa took office, the debt with China has multiplied by over 1,000 percent. Ecuador’s debt to China rose from US$7.1 million in 2007 to US$7.97 billion in October 2016, this was officially reported by Ecuador’s Ministry of Finance (El Comercio).