Ecuador’s Public Debt reached USD 62,635 million in October 2021

The Ministry of Economy and Finance shared the figures of the Public Debt of Ecuador, until October of the previous year. In this month, sustained growth was evidenced, due to the disbursements of the multilaterals that arrived in the country in the last quarter of 2021.

The total debt reached USD 62,635 million, this represents 59.4% of the country’s Gross Domestic Product (GDP). In September 2021, this indicator had been placed at 58.38%.

The Public Debt in Ecuador increased notably in the last five years.

This item has grown constantly, due to the multiple credits that the country maintains with multilaterals.

For several economic analysts, the Government’s debt could be classified as illegal; since the maximum ceiling established by the constitution is 40% of GDP, but currently the debt reaches almost 60%, even in previous months it has exceeded this percentage.

Despite this, the Executive proposes to continue with the indebtedness with multilaterals, even in the coming months it is expected to place new bonds for public debt.

With this background, it is estimated that in 2040 the country could settle several of its obligations and just maintain a stable economy.

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