Fausto Herrera, Minister _ Finance, has a clear picture. He expects at least 2,000 million from credits – part of these resources will come from China- to comply with outstanding state expenditure. Daily Expreso asked if the disbursements arrived but until press time, there was no official response.
The importance lies, the official said, in first paying foreign debt bonds. 2015 papers expire on December 15, which are valued at $ 650 million.
Why is it important to pay? A compliance would reduce the country risk. The Central Bank shows that the indicator -which is taken into account to grant loans or to set international interest rates- reached 1,192 points on November 29.
According to Fausto Ortiz, former Finance Minister, paying the bonds would reduce 300 points of the indicator.
Herrera said in October that if Ecuador does not comply, the country may not acquire new debt until the risk is lowered. A higher value would cause that the interest rate is significant. With nearly 900 points, for example, Ecuador issued bonds with rates of 9.3%.
Translated into English by Pierina Abad