2023-05-23 12:02:08
The Minister of Economy and Finance, Pablo Arosemena, made his 2022 Accountability, this Monday, May 22, 2023, from the Escuela Superior Politécnica del Litoral (Espol), in Guayaquil.
Arosemena pointed out that the application of the economic policies of the government of President Guillermo Lasso allowed Ecuador to achieve macroeconomic order, microeconomic reactivation, fiscal order and strengthening of relations with the international community in 2022.
macroeconomic ordering
The Minister of Economy highlighted how one of his greatest achievements in 2022 is the macroeconomic order. According to the official, this generated stability and confidence in the country. For example, in this period, Ecuador grew by 2.9%, more than the previous 7 years, which had an average growth of 1.4%.
Likewise, in 2022, 443,000 suitable jobs were recovered, the same ones that were created from May 2021 to December 2022, Arosemena said.
According to data from the National Institute of Statistics and Censuses (INEC), there was a recovery of adequate employment, but the figures do not reach pre-pandemic levels. The suitable employment rate, as of December 2022, was 36%, while, in December 2019, it was 38.8%.
Another of the macroeconomic achievements has been to keep inflation under control, which in December 2022 reached 3.7%. This is the second lowest in the region, which has an average of 8.1%, said the Minister of State.
Reactivation of microeconomics
The internal sales record in 2022 shows the reactivation of the microeconomics, highlighted Arosemena. National sales reached USD 226 billion, 14% more than 2021 and 1.8% more than 2019. The 20 sectors of the economy grew, according to data from the Central Bank of Ecuador.
These figures were reached thanks to the placement of credits from public banks, added the official. Last year, USD 6,222 million were placed for almost 3 million beneficiaries.
Another of the achievements is the reduction of taxes, said Arosemena. For example, the tax on currency outflows (ISD) fell from 5 to 4% in 2022. This tax will reach 2% by the end of 2023. Likewise, the value added tax (VAT) was reduced on four national holidays from 12 % to 8%, this to encourage internal tourism.
tax order
Arosemena stressed that the fiscal order gave sustainability to public finances. For example, in 2022 it was reduced from the fiscal deficit of 7.7% of GDP, in 2020, to 1.7% of GDP, in 2022.
Likewise, the weight of public debt dropped to 57% in 2022, when in 2020 it was 61%. In addition, the debt with China was renegotiated, allowing financial relief of USD 1.4 billion, he said.
The Minister of State also highlighted the “payment of historical debts.” According to official figures, USD 107 million were delivered to the GADs; USD 2,458 million to the IESS; and USD 140 million for retirement incentives. Some of these debts had been dragging on since 2008.
Relations with the international community
One of the most important achievements for the government is the strengthening of relations with multilateral organizations, which allows access to financing in the best conditions, said Arosemena. Last year an agreement with the IMF was successfully concluded, for the first time in 20 years, it ended.
This rendering of accounts is given in compliance with articles 208 of the Constitution and 89-90 of the Organic Law of the Council for Citizen Participation and Social Control, which obliges all government entities to present to the public what has been achieved in twelve months.
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