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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'Always be prepared' - BSA & SA,
"When guns are outlawed, only outlaws will have guns" - Louis L'Amour (1908-1988) Western novelist of ...
01JUL25 - SOUTHCOM’s TMPI: Towards Integrated Deterrence in the Americas by Building Maintenance Capacity- #ECUADOR - "Analyzing Ecuador’s foreign policy trajectory over the past two decades is pertinent to illuminating the region’s evolving political and security landscape. During President Rafael Correa’s administration between 2007 and 2017, Ecuador pivoted by severing its military relations with the US.
This comprehensive shift included ordering the closure of the security cooperation office in the US Embassy and honoring but not renewing the lease term for the Manta Air Base, causing the withdrawal of approximately 300 US military personnel stationed there.
However, this period of strained relations was followed by the re-establishment of the Office of Security Cooperation (OSC) in 2018, signaling a potential shift that ultimately materialized with new military cooperation agreements signed with the US in 2023 under President Lasso and ratified in 2024 by President Daniel Noboa. ...
25JUN25 "Ecuadorian President Daniel Noboa announced this Thursday the capture of Adolfo Macías Villamar, alias "Fito ," considered the leader of the Los Choneros organized crime group.
"For those who opposed and doubted the need for the Solidarity and Intelligence laws : thanks to those laws, Fito was captured today and is in the hands of the Security Bloc," the president posted on the social network X.
"We have done our part to proceed with Fito's extradition to the United States , and we await your response. Have a good afternoon, Ecuador," Noboa added.
The criminal leader had been on the run for over a year and a half , after escaping from the Guayaquil Regional Prison and hiding his tracks while the country was engulfed in a spiral of violence, culminating in the brief takeover of a television station.
'Fito,' who was serving a 34-year sentence for organized crime, drug trafficking, and murder , escaped on January 7, 2024, as he was about to be transferred to La Roca, a ...
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