MussicOnPro! Posted November 5, 2021 Posted November 5, 2021 At the beginning of the Lenín Moreno government, a loan operation was carried out with Goldam Sachs International for $ 500 million. At the beginning of the Lenín Moreno government (May 2017-May 2021), Ecuador completed credit operations that had exceeded the limit of 40% of gross domestic product (GDP), concluded a report from the State Comptroller General's Office. The control body reported on November 4 that, after an audit of the public debt operations carried out between January 2014 and September 2020, it was detected that in October 2017 the Ministry of Economy and Finance signed a credit agreement for $ 500 million with Goldam Sachs International, despite the fact that on that date the percentage of liabilities reached 48.41%. For this, the government at that time made credit commitments without "requesting the approval of the National Assembly, or preparing the Plan for Strengthening and Fiscal Sustainability, provided in article 124 of the Organic Code of Planning and Public Finance (Coplafip)," reported the Comptroller's Office in an official statement. As explained, the Finance Portfolio applied the provisions of executive decree 1218, of October 2016, “with which it was established that the debt / GDP ratio would be determined using the consolidated statements of public debt. This caused the aggregate balances, in relation to the consolidated ones, to decrease by $ 15,801 million. The report warns, based on the constant information in the aggregate debt balances of 2017, that the debt limit would have been exceeded earlier, in March of that year ”. At that time, the Ministry had used the consolidated statements of public debt that projected total indebtedness for 2017 of $ 34,947 million, corresponding to 34.77% of GDP. As of December 2017, it had been indicated that the limit percentage of 40% of GDP would not be exceeded, however, “the use of the consolidated statements caused the internal obligations of the statistics to be suppressed and the debt / GDP ratio decreased from 48 , 61% to 32.9%, without the variation being due to the payment of the loans ”. The audit observed that using the consolidated statements of public debt is not provided for in any legal body and is contrary to the historical practice of the Ministry to present debt statistics using aggregate statements and the code. As of June 207, according to the Comptroller's Office, the statement of financial situation of the General State Budget, Ecuador's public debt reached $ 48'647,334,819.98. That is, 48.41% of GDP for that year. LINK: https://www.eluniverso.com/noticias/politica/la-deuda-publica-supero-el-limite-permitido-de-endeudamiento-en-el-2017-segun-contraloria-nota/
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