Guayaquil (Ecuador), October 24 (.) – International Monetary Fund (IMF) Director Kristalina Georgieva spoke this Thursday about the Andean countries’ “progress” on credit agreements worth $4 billion (approximately $36.96 million). Blessed Ecuador. 1 million euros) was approved by financial institutions last year.
Georgieva expressed this blessing through social networks
“We hope that our partnership will continue,” he said, as the Ecuadorian government analyzed the possibilities and conditions for requesting new financing from the international organization.
Minister Vega also commented on social networks: “The aim is to strengthen the Ecuadorian economy and work together responsibly for the well-being of all Ecuadorians.”
“I would like to thank Kristalina Georgieva for her trust, generosity and support for our country,” Vega said.
Ecuador’s economy is currently in a delicate period, with gross domestic product (GDP) in the second quarter of 2024 recording a recession of -2.2% compared to the same period last year.
In addition, there has been a period of strong energy restrictions for more than a month, with rolling blackouts lasting 8 to 10 hours a day.
Since taking office in November 2023, President Daniel Novoa’s administration has implemented a series of economic reforms to reduce last year’s budget deficit, which is equivalent to about 5% of Ecuador’s GDP.
Among these measures are increasing value added tax (VAT) from 12% to 15% and unfreezing the price of the country’s most consumed gasoline (85 octane) without fully liberalizing it. It included tax reform with an emphasis on We continue to manage this by setting upper limits for monthly increases and decreases.
