According to the BIESS, between October 2019 and July 2020, the debt for State retirements would amount to USD 1,336 million.
The Finance Minister, Richard Martínez, is considering transferring state assets to the Ecuadorian Social Security Institute (IESS) to cover the debt.
Martínez affirmed that the Government will fulfill the pending obligations with social security, in the midst of the economic crisis and lack of liquidity that the country is experiencing.
The secretary of state stated that a plan is being worked out so that the IESS receives state assets to cover the debt and guarantee the sustainability of social security in the medium and long term.
On May 19, the manager of the Bank of the Ecuadorian Social Security Institute (BIESS), Vinicio Troncoso, mentioned that the State has not paid, since October 2019, the 40% that he must contribute to the retirement fund.
Troncoso said that between October 2019 and July 2020, the state debt, of 40% for retirements, would amount to USD 1,336 million.
For this reason, the official specified that a payment agreement is expected to be reached so that the State can catch up with this obligation. The overdue amounts are expected to be paid with internal debt bonds and from August the monthly contribution would be paid in cash.
Source: El Comercio, social networks