With the officially named Law of Strengthening and Credit Sustainability, processed with urgent economic character, they intend to privatize the funds of the Bank of the Ecuadorian Institute of Social Security (BIESS), according to the opposition.

Legislator Viviana Veloz, of the Citizen Revolution movement, warned that this regulation implies selling the portfolio of the BIESS to the private sector, which implies severance payments, pensions and savings of workers and retirees at risk.

They could even use their funds to finance political objectives. This is unconstitutional. Article 372 of the Constitution protects that their own funds, separate from the Treasury and only for their own purposes, said the Assemblywoman.

Analysts warned that the project seeks to transfer the funds of the insured of the Ecuadorian Social Security Institute (IESS) to the private sector and allow national and foreign banks, or even the Government itself, to appropriate the collective patrimony.

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