These are the figures with which 2022 closes, according to the Government

The closing of 2022 has positive results for the Government. The Minister of Economy, Pablo Arosemena, stressed that putting fiscal order with a social focus generated confidence at the local and international level and that this year the course of the country has been reactivation.

This State portfolio detailed the official figures, for example on the priority given to the social:

• $13,000 million annual average in social investment. While for 2023, a greater investment is expected that will reach $15,200 million.
• Increase in beneficiaries of social bonds, since 3 out of 10 vulnerable households received them in 2020 and now there are 8 out of 10 families.
• Those considered historical were recognized: $300 million to the Ecuadorian Social Security Institute (IESS) for debts since 2011, $85 million to the Armed Forces Social Security Institute (Issfa) for debt from 2020, $190 million for retirement incentives of teachers pending since 2008 and $172 million to decentralized autonomous governments not paid since 2015.
• The 2023 General State Budget will guarantee the delivery of $1,300 million for social bonds and $2,354 million to meet the entire State contribution to 40% of IESS retirement pensions, which indicates that “no other government has done it.”

The Ministry also assured that at the same time that social investment increased, the fiscal deficit was reduced and highlighted the successful completion of the agreement with the International Monetary Fund (IMF), for the first time in more than two decades; that the fiscal deficit at the budget level was reduced from 7.7% in 2020 to 1.7% in 2022. He also mentioned the $1.4 billion in relief in payment of the public debt for the reprofiling of the debt with China and the increase of the budget allocations to the GADs for the Territorial Equity Model that this year will receive $3,189 million, which is the largest delivery of resources in the last seven years.

What are the six major commitments that were fulfilled during the 27 months that the agreement with the IMF lasted?

“This year we reactivated the microeconomy through credit support from public banks to small entrepreneurs and GADs. From January to November, $1,129 million in productive loans were delivered through BanEcuador and the National Corporation of Popular and Solidarity Finance (Conafips), and for local development infrastructure, with the Development Bank”, highlighted Arosemena.

The minister presented six indicators that, in his opinion, show the economic reactivation of the country:

1. This 2022 is expected to exceed $220,000 million in sales. Currently, 19 of the 20 economic sectors registered growth.
2. During the period of the current government, 412,000 suitable jobs have been created.
3. From January to November 2022, tax collection was $15,785 million, 24% more than the same period in 2021. 17.6% of the growth was due to the reactivation of production.
4. International reserves exceed $8.700 million and guarantee the coverage of the deposits that different institutions have in the Central Bank of Ecuador. This indicates that dollarization is stronger.
5. As of October, the Business Confidence Index reached 1,670 points, the highest in history.
6. 2022 will close with inflation that will be one of the lowest in the region.

For the next year it is projected to consolidate economic growth. According to the IMF, the country will grow 3%, above the regional average (1.7%, data as of October) and will have the lowest inflation in Latin America. (YO)