The state budget is trimmed in $ 1,420 million after reduction of oil prices

The Minister of Finance, Fausto Herrera, prior to traveling to China, indicated that the General State Budget (PGE) of this 2015 was cut in $1 420 million, “considering the reduction of oil prices,” he said in a statement, on Monday, January 5. According to the...

Correa: Total petroleum income for the state budget is 18.57%

President Correa said that the gross income from petroleum uses amounts to 16,960 million, however only 18.57% of total oil income comes to General Budget. According to the president, 34% of income is consumed in the production process itself intended for oil product imports and...

Correa: Ecuador is ready for the fall of oil prices

President Rafael Correa said yesterday that his government is ready for the fall in the international price of oil, the main source of export of Ecuador. “We are prepared to face this situation,” the president told reporters in the Ecuadorian Amazon, where it comply...

Government would allocate to Production, Employment and Competitiveness $ 12,865 million until 2017

According to the Multi-Year Plan for Public Investment (PPIP for its Spanish acronym) it is provided an investment (which started last year) of $ 45,234 million by 2017. The Government states to have 2 objectives: To reduce extreme poverty and change the production model. The...