Mario Ribadeneira’s death in Quito highlights legacy as Ecuador’s finance minister

Mario Ribadeneira, a former Ecuadorian finance minister, diplomat and corporate leader, died in Quito at the age of 93, prompting tributes across the country’s political, economic and business circles.

Born in Quito to a family with a business tradition, Ribadeneira built a career spanning public administration and corporate management. The Casa del Alabado Museum of Pre-Columbian Art described him as a visionary citizen whose contributions reached several fields. Companies also praised his service to Ecuador.

Former Vice President Alberto Dahik offered condolences online, calling Ribadeneira a central promoter of border understanding and a close collaborator. Dahik remembered him as an exceptional public official, businessman and friend who helped advance peace with Peru.

Ribadeneira entered public service formally in 1984, when he became Ecuador’s ambassador to the United States under President León Febres Cordero. He later served as finance minister under President Sixto Durán Ballén from August 1992 to July 1993. During that period, he promoted technical reforms aimed at macroeconomic stability, foreign investment and the transfer of some state responsibilities to the private sector.

His ministry organised talks with the International Monetary Fund that led to the Brady Plan with creditors over about $7.3 billion in unpaid principal and interest. The process helped produce a 1994 rescheduling agreement with the Paris Club. In 1997 and 1998, Ribadeneira headed the Integration Commission during peace talks with Peru.

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Mario Ribadeneira has passed away. A great businessman with a deep commitment to Ecuador. Ecuador’s ambassador to the United States, finance minister. An exemplary official in both cases. A great promoter of peace with Peru. He loved his country. An exceptional friend. My condolences to his wife and children. Rest in peace.