Public debt in Ecuador reaches 75 percent of GDP with Richard Martínez as Minister

Currently, State obligations represent approximately 76% of GDP.

From June 2018 to August of this year, the country’s public debt increased by more than USD 11.282 million, according to figures published in the Ministry of Economy and Finance. This means that during Richard Martínez’s term, Ecuador’s liabilities increased significantly.

In its latest published report, the Ministry of Finance revealed that in August 2020, the country’s debt reached USD 59.260 million, which is equivalent to 61.40% of the country’s Gross Domestic Product.

If this figure is compared with the numbers that Martínez found when he took office, a growth of public debt of USD 11.282 million is evidenced, since a month after being appointed Minister of Finance (June 2018), the country’s public debt it was 47.978 million.

It should be remembered that the figures published by Finance, would not contemplate the obligations that the State currently has pending with the Ecuadorian Institute of Social Security (IESS). With that, the figure would increase about USD 7.000 million. Additionally, there are pending values ​​for around USD 6.100 million.

In this way, the total amount of Public Debt in Ecuador reaches over USD 72.000 million, a figure that is equivalent to approximately 76% of the country’s GDP.

Despite this, the GlobalMarkets newspaper chose former Economy Minister Richard Martínez as the «Finance Minister of the Year in Latin America.» Such recognition was announced this Wednesday, October 14.

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