QUITO (Reuters) – Ecuador in April repaid $1 billion of loans made two years earlier by Goldman Sachs (GS.N) and Credit Suisse [CSAG.UL], the Andean country’s economy ministry said late on Thursday.

The loans at the time allowed Ecuador to advance in a process to renegotiate its foreign debt.

Their repayment comes as President Lenin Moreno’s government faces a new debt crisis due to the collapse of global oil prices and an economic slowdown triggered by the coronavirus, of which Ecuador has suffered one of Latin America’s worst outbreaks.

The ministry, in a statement, said it had set aside funds last year to repay the loans.

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