Report of the first hearing of the law Organic economic efficiency and job creation, which was approved by the Committee for Economic Development of the National Assembly, proposes reprofiling the debt of the Ministry of Economy and Finance to the Central Bank for up to 30 years. That is, to reprogram it so that it pays off for them in three decades.

It was introduced into the project during the discussion that the Commission should prepare a report that will go to the plenary session of the National Assembly.

Title IV, Article 23 of the proposed law states: “On one occasion, all public debt obligations that the Ministry of Economy and Finance currently maintains with the Central Bank, directly and through public financial entities, can be reprofiled on the basis of a repayment plan that corresponds to the availability of the general state budget and the maturity profile of the public debt, for a term of up to 30 years. For this purpose, the parties may sign a payment agreement.

The article also notes that “The Central Bank of Ecuador and the Ministry of Economy and Finance will agree on specific financial terms and conditions for the payment agreement between the parties.”

The fifty-second transitional part of the Financial and Monetary Code is hereby amended.

According to Faust Ortiz, an economic expert, the debts that the Ministry of Economy and Finance currently has to the Central Bank correspond to all the bonds that were granted to this entity due to the liquidity facilities that were given at the time of the closure. This was prohibited by the Defense Against Dollarization Act. and to solve the problem, periodic payment was established. However, this reform would stop that.

For the former finance minister, that issue is “equivalent to taking a reserve”. This is because instead of paying what is owed and would go into reserve, it is not delivered.

During the campaign, the two finalists, Luisa González and Daniel Noboa Azín, talked about taking money from international reserves to find a way out of fiscal problems. However, this measure is contrary to dollarization. Noboa said that would be option Z. In that sense, Ortiz says that while it is not exactly taking a reserve, it is equivalent to it, so plan Z would become plan B. (I)