The president, who on May 24 will have completed his first of four years in office, named business leader Richard Martínez as economy and finance minister, the ministry of communications said.
Martínez, an economist who since 2015 has led the Ecuadorean Business Committee, will replace María Elsa Viteri, who assumed the position early in March.
“My goal and that of my team is to guarantee the sustainability of public finances and promote economic growth to generate jobs,” Martínez said on Twitter.
The gradual reduction of Ecuador’s state apparatus involves the elimination of 12 government departments, state enterprises, and 1,000 state jobs by 2021.
Moreno last month also announced tariff hikes in a bid to reduce Ecuador’s fiscal deficit from a projected 5.64% of GDP this year to 2.47% in 2021.
Moreno blames his former ally and ex-president Rafael Correa for the country’s excessive debt. Last February, the country’s public debt, which increased by 150% during Correa’s 10 years in office, stood at over US$35 billion (RM138 million), according to the central bank.