Dahik recommends to join a recovery plan of the IMF to overcome the crisis

Former Vice President Alberto Dahik, in an interview with Ecuavisa said that Ecuador should benefit from an economic recovery program with the International Monetary Fund (IMF), as no other international organization can offer to the country more convenient rates and amounts to face its balance of payments problem. Furthermore, it would be accompanied by assistance from other multilateral organizations, which would give a “cushion” to Ecuador to handle the inevitable recession and recover from it.

The good news is that the country can emerge from the crisis, but “without the myths and taboos and depoliticizing the great national objectives,” he said.

Now, what is the seriousness of not resorting to the IMF? He said that the Government is considering the securitization of Biess mortgages.

Well, I proposed this measure a long time ago as one of the alternatives. But what happens right now? Since there is a risk that these securitizations could not take place and would be a huge punishment or unacceptable capital loss. And why do we have that risk in the country? Because we are not in a recovery program of the IMF.

He warned that securitizations can not be used for tax purposes or to give funds to the government, that money is for housing and reactivate the economy, and these should be placed in the international market as the country recovers.