Ecuadorian President orders sale of $2 billion in IESS assets

President Daniel Noboa has ordered the sale of idle and unproductive assets held by the Ecuadorian Institute of Social Security (IESS) to generate liquidity for pension payments and healthcare services. The assets, which include approximately 1,400 properties such as land and buildings, are valued at nearly $2 billion.

Bernardo Cordovez, head of the IESS Board of Directors, stated that the initial phase will involve updating the national registry of these institutional assets. However, the plan faces significant hurdles, including legal disputes over property status, the need for updated cadastral records, and the requirement for collective approval from the Board of Directors.

While the measure aims to provide immediate financial relief, experts suggest it may only serve as a temporary palliative rather than a solution to the institution's structural issues. Long-term stability for the IESS may require addressing deeper problems, such as internal corruption, declining affiliate contributions, and outstanding debts owed to the institute by the State.