Public debt increased by $ 26,978.9 million during the government of Rafael Correa

Imagen: El Universo

EcuadorNews:

In ten years of government, public debt balance increased by $ 26,978.9 million from $ 13,482 million in December 2006 to $ 40,461.2 million in March 2017 (last report of the Ministry of Finance).

When comparing these figures with the Gross Domestic Product (GDP) it can be seen that in ten years there was an 11.4% increase in GDP in the debt, since in 2006 this debt represented 28.8% of GDP, while in March this year it reached a 40.2%.

The growth of the debt aggravated in the last period of the government of Correa, according to Fausto Ortiz, former Minister of Finance. Until 2014 the GDP debt ratio was 30%, henceforth, even with high oil prices, the spending model generated a deficit of $ 20,000 million in recent years.

The Government never made adjustments, and when, after the oil boom, and without an adequate external financing, it resorted to domestic debt. Ortiz recalled that in September 2009, the IMF mentioned that the Government had considered not resorting to more Central Bank loans. At that time that balance was $ 500 million. To date, it stands at $ 5.8 billion.

Sources: http://www.eluniverso.com/noticias/2017/05/23/nota/6196381/269789-millones-subio-deuda-decada-ganada