During his presidency, there was criticism towards Ballén's economic policies. Many analysts agree that all these actions carried out under his economic plan meant the prelude to almost absolute insolvency to which the country would arrive in 1998 with an external debt of 16.4 billion dollars. He also faced harsh criticism when he eliminated the External Credit Committee in 1995 and was accused of abuse and subjection to public indebtedness. In response to the corruption allegations against him, Ballén called for a second popular referendum to allow reforms as per modernization of the state, which were largely rejected.