(Bloomberg) -- Ecuador bonds jumped on Friday after President Daniel Noboa met with investors in New York and told them his government expects to reach a deal with the International Monetary Fund in about two months, according to a person who attended the meeting. 

Notes gained across the curve, with those due in 2030 rising 2.7 cents on the dollar to around 63.7 cents, the highest level in more than a year, according to indicative pricing data collected by Bloomberg. 

Noboa told money managers that talks with the Fund were ongoing, according to the person, who asked not to be identified describing the private meeting. The 36-year-old leader was making the rounds in New York after raising taxes at home and pledging to narrow the deficit in the 2024 budget. 

Representatives for Noboa, the Finance Ministry and the IMF didn’t immediately reply to messages seeking comment about the remarks. 

Noboa was meeting with local officials and investors to pitch economic reforms and discuss his efforts to fight drug gangs, according to a statement from his office. He planned to speak with Ecuadorian migrants before making stops in Toronto and Ottawa over the coming days. 

The heir to a banana fortune, Noboa has tried to leverage his popularity since taking office three months ago to wield support to tackle dual security and fiscal crises. 

His efforts have caught the attention of the market, with debt from the South American nation handing bondholders returns of 36.5%, according to a Bloomberg index. Still, the notes trade deep in distress, with investors pricing in an 80% chance of a default within five years. 

--With assistance from Vinícius Andrade and Stephan Kueffner.

©2024 Bloomberg L.P.