Ecuador's National Assembly approves exit from Sucre regional payment system

Ecuador is formally exiting the Sucre regional payment system after the National Assembly approved the denunciation of its founding treaty. The resolution, passed with 86 votes, allows the country to formally withdraw from the mechanism established in 2009. President Daniel Noboa Azín pushed for the withdrawal, submitting a request to the Assembly in May. The treaty, signed in Bolivia, was ratified by Ecuador in 2010. The decision to leave Sucre, which originated within the Bolivarian Alliance for the Peoples of Our America (ALBA), gained support from various legislative factions. A report by the International Relations Commission recommended the denunciation, citing the system's failure to meet its objectives, operational issues, and a lack of transparency regarding public funds managed by fiduciary entities. The report also highlighted deficiencies in institutional governance and internal correction mechanisms. Ecuador's departure from Sucre comes amid questions about the system's alleged use in irregular operations, particularly those involving businessman Álex Saab and the company Fondo Global de Construcción (Foglocons). This company has been linked to investigations into fictitious exports between Ecuador and Venezuela. The National Assembly's approval marks a significant step in Ecuador's formal withdrawal from the treaty, which the government argues has not fulfilled its purpose and suffers from operational and governance problems.