3,000 million will come from China

Image: Expreso

On Tuesday, in a television interview, President Rafael Correa said that additional 3,000 million dollars would come, which will serve to complete the state budget of this year. Correa insisted that the estimate of $ 35 in the price of oil (for the budget formulation) “means zero oil revenues to the central government. Because everything goes to import costs, replacement costs for oil companies and preallocations to municipal governments.” He confirmed that, in the event of problems, “they are going to adjust the investment program. We did that in 2015 and we will do so more strongly in 2016.”

But how will the government cover all financing needs for this year, which totaled 6,600 million dollars ?. . “Disbursements are coming from China, the debt has already been hired,” he said. Finance Minister Fausto Herrera, who was sitting in the audience, added:  “this month we are signing 3,000 million with China, the rest are debts that were already signed in previous years and the rest, which is about two GDP (Gross Domestic Product) points is internal financing.”

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8815189&idcat=38229&tipo=2