LatinNews Daily - 29 August 2025

*Ecuador’s President Daniel Noboa has presented the national assembly with a bill that his office says is aimed at “urgently reforming the financial system of the bank of the Ecuadorean social security institute (Biess)”. In a statement, the presidency states that reforms are necessary to guarantee transparency in social security and to protect the rights of pensioners and other beneficiaries. The bill states that private social security funds that are currently administered by the Biess will return to their “true owners” – pensioners and social security affiliates. The Biess will also be given increased powers to liquidate unproductive trusts or reactivate those which are viable. To increase its access to finance, the Biess will be able to use some of its assets as a guarantee. The bill also proposes new financial mechanisms for elections to the executive council of the social security institute (Iess), to “guarantee democratic and transparent processes with regulated finance”. The bill has been categorised as being of “economic urgency”, meaning that it must be voted upon by legislators within 30 days.

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