19JAN24- "Investment bank believes that VAT increase opens the doors of the IMF for Ecuador Author: Evelyn Tapia Updated: Jan 19, 2024 - 5:40 Investment banks and rating agencies believe that with the increase in VAT, the IMF could be willing to give a new loan to Ecuador. The Minister of Finance, Juan Carlos Vega, in the National Assembly, December 4, 2023.
- Photo: Account X of the Ministry of Finance. Join WhatsApp The Government's proposal to increase the Value Added Tax (VAT) to 15% was well received by international markets . Noboa's plan will, they say, open the doors for Ecuador to obtain new multilateral credits, valuable in a year of low liquidity for Ecuador. Ecuador must seek new debt for about USD 10 billion in 2024, an important figure that is equivalent to 10% of Ecuador's Gross Domestic Product (GDP).
If the VAT is raised, that figure would be reduced by about USD 1.3 billion, according to the Ministry of Finance. President Daniel Noboa justified the three-point increase in VAT , because resources are urgently required to finance the war against drug trafficking in the midst of the declaration of internal armed conflict.
Government: "It is difficult to know how long salaries can be paid if VAT is not raised" But not only that. The Minister of Finance, Juan Carlos Vega, has also explained that it is necessary to raise income urgently and permanently , because the money in the fiscal coffers will not be enough to pay daily salaries and the state's millionaire arrears.
Such weak fiscal accounts even put at risk Ecuador receiving new freely available loans from multilateral organizations , which today are Ecuador's largest creditors, and even dollarization itself, the Minister also said."
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MON 06OCT25 #ParoDay15#Ecuador #ParoNacional2025 #PUYO The community of Puyo, today marched against the government of Daniel Noboa. Strong repression and arrogance of the authorities is causing more and more sectors to join the National Unemployment protests. Today marks 15 days of protests." -
SUN 05OCT25 (11:03) #ParoDay14 #Quito #Ecuador Pres Noboa: "No one can come and take by force the capital of all Ecuadorians.
To those who choose violence, the law awaits them. To those who act like criminals, they will be treated as criminals.
We continue doing what is our duty: we will be in Pastaza tomorrow, together with those who truly build the country, helping those who need it most to produce more and get ahead." - (1/2)
"While some want to stop Ecuador, we propel it forward.
We will reduce the VAT to 8% during the holidays of October 9, and November 2 and 3, because this country is not going to grind to a halt because of a few who lost the business of smuggling and illegal mining.
To boost the local economy, on November 14 we will pay the thirteenth salary to public employees,
so families will have more money during Black Friday and Cyber Monday. We invite the private sector to join this initiative." - (2/2)
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