$6 billion in new investments announced, Use of Cuenca bus cards confirmed, IESS investigation

Jun 14, 2018

$6 billion in new investments announced

Minister of Foreign Trade, Pablo Campana announced Wednesday that the government will sign agreements for $6 billion in new investments. The agreements will be formalized Friday at the opening of the Sixth Business Macrorueda in Guayaquil. The investments were negotiated during Campana’s recent trip to the United States. Ecuador Vice President María Alejandra Vicuña, who accompanied Campana on the U.S. trip, said the investments are the largest negotiated in Ecuador’s history. “Six billion dollars is something never before seen in our country’s economic history,” she said. “It signals that Ecuador is opening its doors to foreign markets and means large employment gains for our people.”

Judge confirms use of Cuenca bus cards

A passenger pays his bus fare with the new pre-paid card. (El Mercurio)

Judge Guido Chalco confirmed on Wednesday that the Movilízate electronic card will be the only means of payment for passengers on Cuenca’s municipal bus system. The ruling overturns a May order by another judge that the system must also accept coins as payment. Adrián Castro, manager of the city transportation office (EMOV), applauded the ruling and said it confirmed the city’s long-term transit plans. “The judge’s ruling is consistent with our movement to a sophisticated, integrated system of transportation. We are happy we can put the old challenges behind us,” he said.

Citizens’ participation council to evaluate ex-IESS chief

The Council of Citizen Participation and Social Control (Cpccs) announced it will conduct an evaluation of Fernando Cordero. The inquiry will focus on Cordero’s management of Ecuador’s Social Security (IESS) system during the administration of former president Rafael Correa. Specifically, Cpccs president Julio César Trujillo said the council will look at changes Cordero ordered at Bank of the Ecuadorian Institute of Social Security (Biess). Cordero was accused by some retiree organizations of mismanaging retirement funds. In addition to managing the IESS system, Cordero also served as president of the National Assembly and minister of defense. He is a former mayor of Cuenca.

National Assembly to hear request to indict Correa

Ecuador’s National Assembly will hear a request today by a criminal court judge to prosecute former president Rafael Correa for his alleged involvement in 2012 kidnapping in Colombia. Judge Daniella Camacho says prosecution is warranted based on new evidence that Correa personally ordered the kidnapping of a political opponent who he had accused of slander.

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