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

Nathan Rivera

02/02/2022

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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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Nathan Rivera
Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.

My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.

What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.

I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.

Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.

At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.

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