Officials offer details of attempted Central Bank heist; Elimination of generator tariff ridiculed; When does Ecuador’s election campaign begin?

In press conferences Friday and Saturday, police and prosecutors explained how an armored truck carrying millions of dollars in cash escaped a gang ambush on the Cuenca-to-Guayaquil highway Wednesday morning.

According to the Cuenca National Police command, the truck transporting the cash was part of a five-truck convoy traveling from Guayaquil to Cuenca. “The thieves were confused and attacked the first two vehicles after blocking the highway with a dump truck,” José Vargas Alzamora, Zone 6 Police Commander explained. “The truck transporting the currency was the third vehicle and was able to turn around and escape in the direction of Guayaquil.”

The government announced Thursday it is eliminating the tariff on generators to reduce the cost to buyers. However, almost all generators arrive tariff-free due to free trade agreements.

Alzamora said that one of the 12 guards in the convoy was killed in a shootout follow the ambush and seven others were injured. Three of the injured suffered burns when the thieves set their truck on fire.

Following the shootout, the thieves escaped in three SUVs, leaving four vehicles behind on the highway.

Asked why the Central Bank was delivering the money overland instead of by air, which is standard practice between larger cities, Alzamora said he did not know.

In a Saturday morning press conference, prosecutors said the attack was carried out by 18 to 20 men who they believe belong to a Guayaquil-based gang, which they refused to identify. They added that there have been no arrests in the case and that the detention of seven men in Sayausí Wednesday afternoon was unrelated to the attempted bank theft.

Elimination of generator tariff ridiculed
Following the decision drop the 15% IVA tax on electric generators, the government announced Thursday it was eliminating the import tariff as well. “This action is intended to provide relief to citizens bearing the burden of the blackouts,” new Energy Minister Inés Manzano said.

The announcement was criticized by several former government officials. “This is pure politics and nothing more,” said former Minister of Foreign Trade Julio José Prado. “Almost all generators already come with no tariff because of free trade agreements we have with the importing countries. It is disingenuous for the government to claim it’s doing citizens a favor. As far as reducing the financial burden on Ecuadorians, this does not move the needle at all.”

Prado estimated that 90% of generators purchased in the country come from China, one of the countries with whom Ecuador has an FTA pact. “Even the generators with European or U.S. brand names are made in China and can be shipped directly.”

When does election campaign begin?
When do Ecuador’s 16 presidential and more than 600 National Assembly candidates begin campaigning for the February 9, 2025 election?

According to rules set by the National Electoral Council (CNE), the campaign begins officially January 5, although unofficially it is well underway. “Because the CNE has no control over social media and what candidates can say in press statements and interviews, the January start date is almost irrelevant,” says Oscar Iglesias, Quito radio commentator and former National Assembly candidate. “They can monitor purchases of electronic media buys as well as print products, but this is the old way of campaigning. Today, everything is done on the internet and CNE is forced to ignore this.”

All Assembly members are chosen in the February 9 election while the presidential race goes to a second vote April 13 if no candidates reach 50% of the vote, or 40% with a 10% lead over the second highest finisher.