Ecuador acquires new debt with the World Bank for USD 700 million

The country’s public debt exceeds USD 61 billion.

The Ministry of Economy and Finance announced that Ecuador acquired a new debt with the World Bank for USD 700 million. This loan would be freely available to finance the 2022 General State Budget.

This credit would be the first of three that the National Government would request in the coming months. It is variable rate and repayable over 16.5 years, including a 5-year grace period.

In the same way, Finance announced that this new loan is part of a strategy that Ecuador manages for 2022 in order to access a large number of credits from multilateral organizations.

The entity added that this new disbursement will be used to mitigate the impact of the pandemic and promote green economic recovery.

For his part, the Minister of Economy, Simón Cueva, stressed that this type of obligation makes it possible to give “sustainability to public finances and improve the living conditions of Ecuadorians.

“This type of support also makes it possible to give sustainability to public finances, which is essential to be able to guarantee the validity of the extensive government social protection network that benefits thousands of vulnerable families over time.”

According to the latest figures published by the Ministry of Economy and Finance, in November of last year, on the country’s public debt, it is USD 61,243.93 million, which represents 58.10% of its total GDP.

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