In 2024, President-elect Daniel Noboa faces the formidable challenge of securing a staggering $10.5 billion to finance public spending and meet existing debt obligations. The escalating country risk further complicates his quest for foreign credit, as traditional avenues for borrowing become increasingly elusive.
Mining activity, both legal and illegal, covered more than 7,495 hectares in the Ecuadorian Amazon in 2021, the most recent date analyzed in the study by the Andean Amazon Monitoring Project (MAAP) and the Ecociencia Foundation.
The most affected provinces are Zamora Chinchipe, Napo, and Sucumbíos. At least 46.7% of the mining detected in the Ecuadorian Amazon is located in indigenous territories.
According to a recent police report, each wing of the Litoral Penitentiary is generating an astonishing $70,000 on a weekly basis. This financial windfall serves as a stark reminder of the pervasive illicit economies thriving within the prison system. As a committee scrutinized the government’s apparent inability to control these underground activities, the second anniversary of the tragic November 12, 2021, massacre at the Litoral Penitentiary was commemorated by groups and relatives of victims.
As expected, criticism has arisen against the incoming Noboa government. After all, his victory was not a landslide—he only secured a 4.6% margin in the vote. Moreover, his experience is limited; he served in the National Assembly for exactly two years, from May 14, 2021, to May 17, 2023 (when President Lasso dissolved the Assembly […]
The government has terminated the electricity rate subsidy previously extended to certain industries. Minister of Energy, Fernando Santos, directed Arcernnr to discontinue the incentive that granted reduced electricity rates to specific sectors.
In the city of Durán, Guayas, a menacing web of violence and power struggles has been intricately woven by three distinct factions of the notorious Chone Killers, creating a volatile landscape that engulfs the entire canton. The backdrop to this chaos is marked by the Latin Kings’ steadfast refusal to form alliances, contributing further to the escalating levels of violence within the city.
In a significant legal development, the Constitutional Court of Ecuador has rendered Executive Decree 754 unconstitutional, dismantling the framework for environmental consultations related to extraction and productive sector projects.
And agreement between ADN, RC and the PSC secured 94 votes in the Assembly, plus other support that depends on the issue. The ruling party managed to add 11 members from local movements and minorities.
Government inked investment contracts worth $1.751 billion in 2023, just over half of 2022 record amount
In 2023, the government of Ecuador inked investment contracts totaling just under $1.751 billion, reflecting a notable decrease compared to the robust figures observed in the first half of 2022, which reached an impressive $2.796 billion.
Ecuador’s current energy crisis highlights the need to branch out from its reliance on hydroelectricity
In Ecuador, a recent series of electricity service cuts since October 27, 2023, stemming from a decline in national energy reserves, has underscored the need to comprehend the fundamental processes involved in electricity generation. While Ecuador utilizes a diverse range of energy sources, its over reliance on hydroelectric power— contributing to 92% of the country’s energy mix— has exposed a problem that may only get worse in the future.