Ecuador’s public debt reached USD 59.258 million and now represents 61.40% of GDP

In the last month, the Government borrowed USD 577 million.

The Ministry of Economy and Finance reported that Ecuador’s public debt reached USD 59.258 million, which represents 61.40% of the Gross Domestic Product (GDP). In the same way, he warned that, in the last month, Ecuador acquired around USD 577 million in debt.

It should be remembered that, due to the Law, in Ecuador, the calculation of the debt-GDP ratio should not exceed 40%, but in the last 4 years the level of indebtedness has increased notably.

Of the total debt that the country maintains for USD 59.258 million, the value of external debt is USD 41.764 million and the pending items for internal commitments are USD 17.493 million.

Ecuador owes multilateral credit organizations such as the World Bank (WB), the International Monetary Fund (IMF), the Inter-American Development Bank (IDB) a value of USD 13.729 million, until July of this year.

The new agreement that the Government must finalize until the end of this month is not yet considered in this area, since it is one of the essential requirements it has to close the restructuring of the debt with its bondholders.

The new credit that would arrive from China for USD 2.400 million is not represented either.

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Source: Ministry of Finance