Government revoked 5% salary increase for public employees

The Minister of Finance, Fausto Herrera, announced the revocation of the 5% salary increase for public employees, planned for 2015, because of the fall in oil prices, and which at the same time derived in a reduction of the state budget. The measure wasapproved from Beijing, on...

IDB approves a credit of US $ 300 million for Ecuador

The Inter-American Development Bank (IDB) approved a credit line of up to USD 300 million for Ecuador, said yesterday the Finance Ministry in a statement. The funds will be used to maintain social spending in times of declining oil prices in international markets, said the...

Moody’s upgraded Ecuador´s rating

The rating agency Moody’s upgraded the credit rating yesterday Ecuador, passing of CAA1 to B3, said the Ministry of Finance. The risk rating measures the ability of a country to pay its obligations or debts. The page of Moddy indicates that the rating CAA1 means that...

Budgetary assignments for 2015 eliminates subsidies to electricity and transportation

The Budgetary assignments for 2015 submited last Friday at the National Assembly, establishes the elimination of two grants provided by the State: electricity and urban transport. The urban transport subsidy, which claimed 48.8 million USD this year, had prevented climb rates in...

Government foresees 22 credit sources to fund budget of 2015

The Finance Minister, Fausto Herrera, said yesterday that the government currently has identified 22 sources of financing, which will settle the requirement of the country for 2015, which is of $ 8,806.8 million. The government expects to get about $ 7,200 billion in foreign...

Budgetary assignments for 2015 were delivered under the amount of $ 36 317 million

The Finance Minister, Fausto Herrera, sent the budgetary assignments for 2015 to the National Assembly for $ 36 317 million, he said in his Twitter account. The proposed amount is 5.9% more than the approved budget that was set for 2014, which was of $ 34,300 million. Within the...

Budgetary assignments for 2015 will be delivered between today or tomorrow

The Finance Minister Fausto Herrera, between today and tomorrow will deliver the 2015 budgetary assignments to the National Assembly. The deadline is November 1. Oswaldo Larriva, President of the Committee on Economic Conditions, confirmed yesterday that the Minister had informed...

Ecuador’s 2015 budget is under development

The Finance Minister Fausto Herrera in a EcuadorTV interview, confirmed that the budget of Ecuador in this 2014 is 100% funded and until now they are working to concretise the 2015. Herrera said that he met with the authorities of the Development Bank of China, in order to...
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