After Carlos de la Torre resigned to the Ministry of Economy and Finance last March 6th, the new minister, María Elsa Viteri, presented her priorities for her term in office. She dismissed a tax increase and announced that she will review the efficiency of public spending. At the same time, at the request of the Business Commission, she decided, together with the president, to postpone the announcement of the new economic plan.

In her first press conference, the new minister declared that “I have no preset recipes” but “I am a technique and analytical economist, who first analyzes the problem and then decides the elements to use.” In that sense, her main concern is to reduce the fiscal deficit through a detailed analysis of public spending. At the same time, she stressed that she will analyze the existing subsidies in a “cautious” manner and categorically ruled out the increase in taxes.

The current minister has experience in the position since between 2008 and 2010 she held the same office being remembered for the renegotiation of the Ecuadorian external debt. On that occasion she achieved a 70% reduction in the total financial obligations of the country. Her arrival came after the former minister, Carlos de la Torre, resigned due to disagreements on the new economic plan of President Lenin Moreno.

This change occurs in a context of economic reforms. The Law of Economic Reactivation is in implementation and in the coming days the President will announce the Attraction and Private Investment, Sustainability of Dollarization and Generation of Employment Sources Bills.