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The creation of a trust fund for earthquake depends only on the Government; there is no impediment, says oil expert
Posted On 05 May 2016
Luis Calero, lawyer and oil expert, said Wednesday that there is no impediment for the creation of a trust fund for the reconstruction of the Manabi and Esmeraldas provinces, the most affected by the earthquake of April 16. It just depends on the government’s decision, he said.
According to Calero, the legal figure (trust) has existed for over two thousand years so that the Central Government can not consider it as ‘neoliberal,’ since this ideological trend appeared 70 years ago.
Calero proposed that the legal figure is administered by the Central Bank of Ecuador (BCE) and, in order to guarantee the delivery of the resources, it should establish legal and administrative santions for those who do not properly manage the funds.
