The county´s debt closed at 26,792 million

In 2016, the consolidated debt closed the year at USD 26 792 million, or 27.8% of the Gross Domestic Product (GDP), according to figures from the Ministry of Finance. Compared to 2015, there was an increase of USD 5,520 million. The consolidated figure does not include the State’s debt with other public agencies such as the Social Security Institute (IESS) and the National Financial Corporation (CFN).

Up to October of last year, the aggregate debt was taken into account, which does reflect those values owed to State institutions, as a reference to define the debt limit: 40% of GDP. Through Decree 1218, signed on October 21, 2016, President Rafael Correa reformed the General Regulation of the Organic Code of Planning and Public Finance. Thus, the calculation of the debt ceiling does no longer include the aggregate debt but the consolidated public debt, according to the International Monetary Fund’s Manual of Statistics on Public Finances.