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UPDATES: 08-30-2021

Published on August 30, 2021

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Update to: Banana sector reinforces prevention measures to avoid Foc R4T fungus
Published: Volume 5, Issue 27
Controls in banana provinces are reinforced to prevent the entry of Fusarium Race 4

Last week, the Ministry of Agriculture announced that in towns such as Arenillas and El Guabo, in the province of El Oro, controls and preventive measures against the Fusarium 4 fungus will be reinforced, and for this they will carry out disinfection of vehicles that arrive at these localities.

The fourth technical meeting on the analysis of the threat of the presence of Fusarium 4 in musaceae plantations in Ecuador, determined to reinforce controls in the provinces where plantains and bananas are produced and thus avoid the entry of the fungus to the plantations of our country.

Among the resolutions adopted last Tuesday in Portoviejo, where the fourth technical meeting was held, is the importation of tolerant and resistant varieties to the fungus, specialized credits and strengthening of the contingency plan, as confirmed by Tanlly Vera, Minister of Agriculture and Livestock.

Juan Zapata, President of the National Emergency Operations Committee (COE) also participated in these technical meetings; Juan Núñez, Governor of Manabí, Leonardo Orlando, Prefect of Manabí, and Susana González, Prefect of Guayas were among other authorities in attendance.

In Manabí, the installation of disinfection arches in the musaceae producing areas of the province was determined to avoid a possible entry of the plague.

Núñez pointed out that there is concern, since the case of plantains and bananas are products that belong to the basic food basket, even more so in a territory like this province that allocates part of its production to internal consumption as well as to elaborate the varied gastronomy of Manabi.

“They are working on prevention. In less than a month the (prevention) plan is almost ready,” said Núñez, who thanked the intervention not only of authorities from the Ministry of Agriculture and Livestock, but also from Governments, prefectures and fruit production associations for intervening in activities to prevent the Fusarium 4 fungus from entering the country.

Manabí, Guayas, El Oro, Los Ríos, Santa Elena, and Cañar have 190,000 hectares dedicated to the production of plantain, bananas and other musaceae in their territories, which has meant an annual income of about $3.7 billion to the State, according to statistics provided by the Government of Manabí.

Update to: IMF is “open” to adjusting its agreement with Ecuador’s next president
Published: Volume 5, Issue 18
Ecuador receives $ 948.5 million in SDR, as part of the largest IMF allocation in its history

Ecuador received $948.5 million in ‘special drawing rights’ (SDRs) from the International Monetary Fund (IMF) as a result of its policy of allocating more liquidity to the world economy.

Last week, the Managing Director of the (IMF), Kristalina Georgieva, announced that the largest allocation of special drawing rights (SDRs) in the history of the IMF, equivalent to approximately $ 650,000 million, went into effect.

“This allocation is a major boost of encouragement to the world, and if used wisely, a unique opportunity to combat this unprecedented crisis,” he said.

Georgieva confirmed that SDRs are distributed to member countries in proportion to their relative quotas in the IMF. This means that around $275 billion will go to emerging market and developing countries, of which low-income countries will receive roughly $21 billion, which is equivalent to as much as 6% of GDP in some cases.

In the case of Ecuador, the $948.5 million results from multiplying the country’s share of $668.7 million in SDR by 1.418, which is the price of each dollar in SDR as of August 23.

Meanwhile, Georgieva explained that SDRs complement countries’ foreign currency reserves and will reduce their dependence on the most onerous internal or external debt.

“Countries can use the leeway provided by the SDR allocation to support their economies and intensify the fight against the crisis,” she said.

The IMF announced that it will present periodic assessments of SDR holdings, transactions, and trading, including a follow-up report on the use of SDRs within two years.

Georgieva also indicated that “to amplify the benefits of this allocation, the IMF encourages countries with strong external positions to channel part of the SDR on a voluntary basis to the countries most in need.

In the past 16 months, some countries have already committed to lending $24 billion, including $15 billion of their current SDRs, to the Trust Fund for Growth and Combating Poverty (FFCLP), through which loans are made under concessionary conditions to low-income countries.

Likewise, the IMF is studying with member countries the possibility of creating a new financial service: the Trust Fund for Resilience and Sustainability, which could channel SDR to help the most vulnerable countries in their structural transformation face, among other aspects, the challenges related to climate change. Another possibility would be to channel SDRs to support financing provided by multilateral development banks.

Meanwhile, Ecuador plans to negotiate SDRs through the Central Bank, which will ask the IMF to convert them into foreign currency. This will be done with a negotiation with other central banks willing to give foreign exchange in exchange for the SDR. The $950 million already appears as part of the financing income of the general budget of the State that the Government has just delivered to the Assembly.

Update to: It may not be long before Chinese cars take over the Ecuador market
Published: Volume 4, Issue 15

a changes its corporate image and chooses Ecuador to debut it in Latin America

South Korean Kia leaves behind the oval that has accompanied its logo since 1994, as part of its to refresh its brand image and get deeper into its new goal: sustainable and eco-friendly mobility.

As part of this process, Kia looked for a new logo, color and tagline that would reflect that identity going forward. It’s new logo, a typeface design of the word that merges a “K” with an “I” and an “A” (that looks more like an upside-down V), is sans the oval.

The car manufacturer chose Ecuador to launch its new image in Latin America, which has already begun to be reflected in its dealerships.

The company indicated that the new strategy is focused on transforming mobility worldwide, since it not only includes the manufacture of cars, but also the offer of services such as payment for online services, 360 ° showroom, customization of the vehicle of your choice, reservation of workshop appointments, among others.

“The new insignia represents a total change, which denotes the breaking of its limits, as is the custom of the brand. In addition, this change will be accompanied by the new slogan ‘Movement that inspires’,” according to the brand.

Kia has had significant sales growth in recent years, to the point of placing itself in the second place of the best-selling brands in the country.

In addition, it has made investments in its expansion plan and in the local assembly of models. In the country it assembles the Seltos and Soluto models.

José Antonio Errazuriz, Commercial Director of Kia Ecuador, said that the new image of the brand represents “the desire to inspire customers to trust changes, which when carried out with passion and vision have great results.”

Update to: In a surprise shift in the Quito mayoral saga, Yunda is returned to office by the Provincial Court of Pichincha
Published: Volume 5, Issue 43
CC Judges propose that action against Yunda is processed quickly

With the affirmative votes of judges Karla Andrade and Ramito Ávila, plus the saved vote of Judge Agustín Grijalva, the Constitutional Court (CC) admitted, on the afternoon of August 26, 2021, the extraordinary protection action presented by vice mayor Santiago Guarderas.

With the petition, Guarderas seeks to overturn the July 30th resolution of the members of the Specialized Civil and Commercial Chamber of the Provincial Court of Pichincha. That day, the magistrates ruled that the revocation of the mandate of the mayor of Quito, Jorge Yunda, approved by the Metropolitan Council (on June 3rd) is without effect. And with that, Yunda resumed running the capital.

In numeral 33 of the resolution, the judges of the CC determine that the document be brought to the attention of the Plenary of the Court, with the recommendation that the case be processed urgently, “out of the chronological order” of the arrival of the causes, “in consideration of the extraordinary circumstances of this case. ”

This leads us to think that the cause will be treated as a priority, since under “normal conditions”, a case in the CC can take up to four years to be resolved.

The handling of cases is based on article 7 of the Rules of Procedure of the Constitutional Court. There it is established that “cases will be processed and resolved in chronological order except for duly substantiated exceptional situations.”

But Guarderas’ request would fall into the latter category. Self Resolution No. 003-CCE-PLE-2021 arguments provide for it to the point in Article 5: “…exceptions to the chronological order must be justified on the need for the Constitutional Court to rule as a priority on the case.”

For this, two criteria are taken: that the case offers the opportunity to establish, modify or separate from a relevant jurisprudential precedent, and second that the matter to be resolved has national significance.

The latter is established by the admissibility resolution of the case at the beginning of the aforementioned article 33.

Until this is resolved, the judges of the Provincial Court of Pichincha must present, within a period of 10 days, a discharge report explaining the reason for their decision.


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