Ecuador Replaces Its Economy Minister With Its Social Security Chief
ECUADOR · ECONOMY
Key Facts
- —The country Ecuador, an Andean economy that has used the US dollar since 2000. Its government cannot print money, so it lives on taxes, oil revenue and borrowing.
- —Why it matters The post is Ecuador’s old Ministry of Economy and Finance. Since a June 2026 merger it also covers production, trade, investment and agriculture.
- —What happened On Monday 28 September 2026, President Daniel Noboa signed Executive Decree 509. It ended Sariha Moya’s term and named Bernardo Cordovez in her place.
- —Who is involved Cordovez has chaired the board of the Ecuadorian Social Security Institute (IESS). He is leading a plan to sell about US$2 billion of its property.
- —What it means for you Investors and bondholders get a new person in charge of the budget and debt. Anyone watching the IESS property sale should expect it to stay a government priority.
- —Still open No reason has been given for the change. It is not yet known who will take over at the IESS.
Ecuador economy minister Sariha Moya has been replaced. President Daniel Noboa named Bernardo Cordovez, head of the social security board, on Monday 28 September, Vistazo and Expreso reported.
Both outlets said the change was made by Executive Decree 509, which thanks Moya for her service. Cordovez, whose full name is Bernardo Antonio Cordovez Cereceda, now runs one of the government’s most powerful departments.
A bigger ministry than its name suggests
Moya was appointed Minister of Economy and Finance in April 2025, according to Vistazo. In June 2026 a presidential decree merged the ministries of production and trade and of agriculture into her department.
After that merger it was renamed the Ministry of Economic and Productive Development. It still handles the national budget and public debt, so the Ecuador economy minister role now reaches well beyond finance.
The central bank reported growth of 2.1% in the second quarter. See Ecuador Economy Grew 2.1% in the Second Quarter, Central Bank Says.
Who Bernardo Cordovez is
Cordovez has chaired the board of the Ecuadorian Social Security Institute (IESS), the state pension and health insurer. According to Bloomberg Línea, he previously ran Biess, the institute’s bank, and advised the finance ministry.
Expreso reported that Noboa had tasked Cordovez with selling about US$2 billion of IESS “idle assets”, in the president’s words. Bloomberg Línea said Cordovez had identified 175 properties for sale in September.
Expreso noted that experts see legal and administrative hurdles to those sales.
What Moya says she leaves behind
In a farewell statement quoted by Bloomberg Línea, Moya thanked Noboa for “almost three years” in his government. She said Ecuador had regained access to international capital markets.
She also said the country’s credit rating had improved to B with a stable outlook. These are her own claims about her record.
What Is Not Yet Known
Neither the decree nor the government has given a reason for Moya’s departure. Primicias and El Comercio reported it as a resignation, while the decree itself only thanks her and ends her term.
It is not yet known who will replace Cordovez at the IESS, or whether he will change course on the budget. Readers can follow the wider backdrop in IMF Flags Three Risks for Ecuador’s Economy in Second Half of 2026.
Sources: Vistazo, 28 September 2026; Expreso, 28 September 2026; Bloomberg Línea, 28 September 2026.
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