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Ecuador's Moreno seeks World Bank loan, marking shift in approach

Lenin Moreno, Ecuador's new president, said he is in talks to obtain a loan from the World Bank that would help his government finance social projects, Reuters reported.

The talks mark a change in approach from his predecessor, former President Rafael Correa, who in 2007 expelled the World Bank's representative in Ecuador over disagreements on the terms of a $100 million loan.

Moreno, who was previously vice president in Correa's administration, has vowed to run the country in a more assuaging manner and strengthen ties with businesses, according to the report.

"We've started to reach out to the World Bank, it's an excellent source of financing," Moreno said. "These credits are more accessible and more affordable and without a doubt we're going to reach an agreement with them."

Moreno did not specify details on his talks with the World Bank, but noted that he will also look to renegotiate foreign debt in a bid to garner better terms.