Regulatory Alerts2023-01-01 | JPRF-G-2023-059Resolution No. JPRF-G-2023-059 Approves the Budget of the Bank of the Ecuadorian Social Security Institute (BIESS) for the 2023 Fiscal Year
The Financial Policy and Regulation Board (JPRF) issued Resolution No. JPRF-G-2023-059 on January 13, 2023, to formally approve the 2023 institutional budget for the Bank of the Ecuadorian Social Security Institute (BIESS). The resolution mandates that the BIESS execute the approved budget efficiently, with the General Manager responsible for execution and the Board of Directors exercising control, while requiring the submission of the budget to the Ministry of Economy and Finance and the National Assembly within 30 days. The approved total annual budget for 2023 is set at $9,683,939,566.90, representing a 14% increase over the codified 2022 budget, covering both administrative and investment expenditures.
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