Ecuador Fiscal Deficit at 5% of GDP in 2023, Minister Vega Says

Ecuador’s fiscal deficit in 2023 will exceed $5 billion to reach 5% of GDP, Finance Minister Juan Carlos Vega said.

The deficit represents one among many significant challenges facing the new administration in 2024, Vega said in a video posted on President Daniel Noboa’s account on X, the platform formerly known as Twitter

Fiscal problems for 2024 include the partial repeal of tax reform, the end of a temporary wealth tax and a programmed cut in the currency export tax, Vega said.

“There are no easy solutions, but the country requires the support of the entire Ecuadorian people, especially ...