Lasso: “We do not plan to take more financing from China or any other international organization”

The President of the Republic, Guillermo Lasso, assured that “the (fiscal) accounts are in order” in 2022, so they do not require financing from China or any international organization.

The President of Ecuador, Guillermo Lasso, during an interview for Europa Press.

“You see that we have a higher oil price than that indicated in the budget. The tax collections for the month of January are 19% more than January 2021. We are doing well and therefore I do not see the need to take on more debt,” assured the President Lasso, in his interview space Let’s meet the citizens of this February 9, 2022.  

The 2022 pro forma contemplated financing needs amounting to $11,583 million. The figure adjusted with the economic outlook number at the beginning of the year, which includes more income from the tax reform, indicates a need for debt of $11,256 million, that is, $327 million less.

On previous occasions, the president had mentioned the possibility of obtaining debt through the issuance of sovereign bonds in international markets, but now his position is more cautious due to the high price of oil.

In recent weeks, the price of a barrel of West Texas Intermediate (WTI) crude oil, a benchmark for Ecuadorian crude, has fluctuated between $88 and $92 due to problems between Russia and Ukraine and the winter in the United States. The 2022 proforma was prepared with a barrel of crude oil at $59.20.