“The daily distress of the Public Fund will have an uncertain climax in December, and will mark an unpleasant starting point in 2020, which will begin with large accounts payable.”
To close the year, the Government will leave outstanding payments of USD $ 1,692 million. With this, it will accumulate debts for USD $ 628 million with suppliers and USD $ 477 million with the Ecuadorian Institute of Social Security (IESS), the Social Security Institute of the Armed Forces (Issfa) and the Social Security Institute of the Police (Isspol). In addition, there will be obligations for USD $ 585 million with local governments.
One of the members of the Tax Policy Observatory, Jaime Carrera considers that this liquidity crisis over the tax fund is a consequence of that the National Treasury account closed with a balance of USD $ 812 million in November, but the expenses and amortization payments will exceed USD $ 3,000 million in December.
They explained that one of the expenses is the disbursement of more than USD $ 500 million for the thirteenth salary of the public sector. This balance fell to USD $ 603 million on December 6.
“The daily distress of the Public Fund will have an uncertain climax in December, and will mark an unpleasant starting point in 2020, which will begin with large accounts payable,” Carrera said.
Source: Pichincha Comunicaciones.
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