The Ministry of Economy and Finance presented its report on Ecuador’s public debt and indicated that this item reached USD 63’885.08 million, which represents 63.37% of the Gross Domestic Product (GDP) and is the highest figure in all the history of the country.
It should be remembered that, due to the Law, in Ecuador, the calculation of the debt-to-GDP ratio should not exceed 40%, but in the last 4 years it has increased notably.
If this item is compared with that of January 2020, it is evident that indebtedness grew almost 5 points in relation to the previous year, when it reached USD 59.413 million and reached 58.93% in relation to GDP.
According to the figures published by the Ministry of Finance in May 2017, when President Moreno took office, the country’s Public Debt was USD 27.971 million, which would show that, in less than 4 years of government, Ecuador was in debt for almost USD 35.914 million, which is more than double what it had in 2017.
Only to international organizations such as banks, governments and multilaterals, Ecuador owes around USD 26.194, which represents 25.98% of GDP.
FULL REPORT
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