IESS to sell 175 properties in Ecuador to raise funds

The Ecuadorian Social Security Institute (IESS) has identified 175 properties for an initial stage of sale, including land, buildings, and houses located primarily in the provinces of Guayas, Pichincha, Manabí, Santa Elena, and Azuay. These assets, which officials describe as unproductive or abandoned for over 20 years, are part of a government plan to generate liquid resources. President Daniel Noboa has indicated that the sale of these and other idle assets could generate approximately $2 billion.

Bernardo Cordovez, president of the IESS Board of Directors, noted that the institution is still conducting legal, physical, and cadastral reviews, as some properties face issues such as illegal occupation or the need for regularization. The funds from these sales are intended to strengthen health and pension funds.

However, the plan has met resistance from retirees and labor groups. Ramiro Beltrán, president of the Commission for the Defense of Social Security, criticized the move, arguing that the government's valuation is inaccurate and that the assets include essential infrastructure like hospitals and medical clinics. Beltrán expressed concerns that the sale could be a precursor to privatization and has called for a national meeting on September 26 to organize legal actions to defend social security.