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Ecuador's state electricity company CELEC has filed a lawsuit in US federal court alleging that Progen, a private contractor, delivered refurbished and non-functional emergency generators under $149 million in contracts while draining the project's bank account to zero. The fraud is directly linked to the 2024 blackout crisis.
Ecuador's National Assembly passed a new mining and energy law 77-70 on February 26, replacing environmental licenses with simplified authorizations and allowing rock extraction in the Galapagos Islands. CONAIE and environmental groups are protesting the changes as a rollback of decades of conservation policy.
Police K-9 units intercepted nearly 22,000 dried shark fins weighing 1,905 kilograms at Guayaquil's Jose Joaquin de Olmedo International Airport on April 2. The shipment -- 75 bundles disguised as fish bladders -- was bound for Kuala Lumpur, Malaysia. It is one of Ecuador's largest shark fin seizures in recent years.
The European Commission concluded negotiations on a Sustainable Investment Facilitation Agreement (SIFA) with Ecuador -- the EU's first such deal with any Latin American country. The agreement focuses on streamlining investment authorizations, improving transparency, and includes a first-of-its-kind annex on sustainable energy and raw materials.
The UAE and Ecuador signed a Comprehensive Economic Partnership Agreement (CEPA) during the Crown Prince of Abu Dhabi's visit, unlocking over $3 billion in investment across clean energy, digital infrastructure, mining, logistics, and agriculture. Ecuador becomes the fourth Latin American country with a UAE trade deal.
The IMF reached a staff-level agreement on the fifth review of Ecuador's $5 billion Extended Fund Facility on March 31. If approved by the Executive Board, Ecuador will receive a $394 million disbursement, bringing total draws to $3.33 billion -- 66% of the program.
The Banco Central del Ecuador confirmed that GDP grew 3.7% in 2025, pulling the country out of the 2% contraction it suffered in 2024. Growth was driven by exports (+6.4%), investment (+5.6%), and household consumption (+2.7%). The 2026 forecast is a more modest 1.8%.
A New York Times investigation found that a joint U.S.-Ecuador military strike in early March, promoted by Defense Secretary Pete Hegseth as destroying a drug trafficking camp, actually destroyed a cattle and dairy farm in San Martin. Workers reported beatings, choking, and electrical shocks by soldiers.
Ecuador's government announced intentional homicides dropped 28% in March 2026 year-over-year, following a two-week nightly curfew in four provinces. The curfew provinces -- Guayas, Los Rios, El Oro, and Santo Domingo -- are not major expat areas, but the security trend is nationally significant.
Executive Decree 348 temporarily reduces Ecuador's IVA from 15% to 8% for tourism services from April 3-5 during Semana Santa. The cut covers accommodation, food and beverage, tourist transport, travel agencies, and ecotourism operations.
Ecuador shipped 125,200 tonnes of shrimp in January 2026, a 23% increase year-over-year. China remains the top buyer at 49.5% of volume, though its share has declined from 54.2% in 2024. The industry projects a 15% increase for the full year.
Banco Bolivariano issued Latin America's largest biodiversity bond at $120 million, backed by IDB Invest ($50M), IFC ($50M), and FMO ($20M). The 5-year bond funds sustainable agriculture, freshwater and marine ecosystem protection, waste management, forestry, and ecotourism.
