Ecuador's Noboa plans to sell $2 billion in state social security assets

President Daniel Noboa of Ecuador has ordered the sale of nearly $2 billion in assets belonging to the Ecuadorian Social Security Institute (IESS). The president stated that these assets, mainly consisting of real estate, are currently "idle" and their liquidation would provide much-needed liquidity to sustain the social security system.

“

Before any reform of the IESS, we must generate $2 billion in liquidity from the sale of assets.

Noboa expressed his view that the IESS should first generate funds through asset sales before any reforms are considered. He believes the approximately $2 billion raised would help overcome the "financial gap" and support job creation initiatives. The president questioned why the institution holds onto buildings and land while facing demands for healthcare services for affiliates and retirees, as well as pension payments.

The president also voiced frustration with internal opposition to the asset sales, alleging that a "mafia" within the IESS is obstructing the process. He insisted that divesting these assets is necessary if the institution requires resources, stating, "If we have to sell the assets to generate cash and sustain this process, it must be done."

“

There is a mafia in there that does not want even a small piece of land, an office, or a building to be sold.

According to a March 2026 registry, the IESS owns 1,387 properties across Ecuador's 24 provinces. These properties are categorized under various specialized insurance programs, with the Rural Social Security and pension insurance holding the largest share. Noboa maintains that selling these holdings is crucial for the social security system to meet its obligations and continue its employment generation efforts.

“

If we have to sell the assets to generate cash and sustain this process, it must be done.