This category shrank by falling oil prices. Payments for oil presales went up from $ 1,000 to $ 2,400 million.
Ecuador began selling in advance a crude that was not yet extracted. It’s like asking the anticipated salary. All in order to get money in the present and then pay it with the “black gold.” Of course, plus the respective interest.
But time goes by and the debt grows. So in 2014, when the state closed its books, that early oil sales amounted to 1,004 million, but as of December 2015, that value was inflated to $ 2.404 million. Those agreements were only made with China before, but another non-traditional financier, Thailand, joined.