Ecuador President Noboa orders sale of IESS assets

President Daniel Noboa has ordered the sale of unproductive real estate assets held by the Instituto Ecuatoriano de Seguridad Social (IESS) to address the institution's financial crisis. According to the President, the entity holds approximately $2 billion in idle assets, including vacant land and abandoned buildings.

Noboa instructed Bernardo Cordovez, head of the IESS Board of Directors, to accelerate the disposal of these properties through public auctions or contests. The proceeds are intended to strengthen the institution's cash flow, fulfill urgent obligations to retirees, and improve medical services and hospital infrastructure, such as works at the Durán Hospital.

The President emphasized that optimizing current resources and liquidating these assets must be a priority before any discussions regarding comprehensive pension system reforms or increased contributions from workers and employers take place. The administration is also considering redirecting funds from mortgage loans toward healthcare services to resolve chronic supply and service issues.