Ecuador takes credit from the World Bank and increases its debt | News

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The Ministry of Economy and Finance of Ecuador announced this Wednesday that this South American nation acquired a new debt with the World Bank (WB) for 700 million dollars.


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Explaining the decision, the minister of the sector, Simón Cueva, said that the loan will finance the General State Budget during this year.

He added that it will make it possible to alleviate the effects of Covid-19, advance economic recovery, generate jobs and reduce poverty levels.

He described it as support that allows for the sustainability of public finances, an issue that he considered essential "to be able to guarantee over time the validity of the extensive government social protection network that benefits thousands of vulnerable families."

In parallel, it transpired that the World Bank loan is part of a strategy by the government of President Guillermo Lasso to access a large amount of credit from multilateral organizations in 2022.

For its part, the World Bank reported that the loan will help the Ecuadorian Executive continue with the implementation of policies to achieve fiscal sustainability.

Local media warn that until November 2021 the Ecuadorian public debt amounted to 61,243,930 million dollars, according to data from the Ministry of Economy and Finance, a figure that represents 58.1 percent of the gross domestic product (GDP) of the nation.

According to press reports, Ecuador's external debt reached 45,179 million dollars in October 2021.

Of the total, 69 percent was acquired during the mandate of Lenín Moreno (2017-2021, five years), 25 percent in that of Rafael Correa (2007-2017, ten years) and 6 percent so far. management of Guillermo Lasso (from May 24, 2021 to date, eight months).

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