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Central government is in arrears with autonomous governments
Posted On 05 May 2016
Finance Minister Madeleine Abarca said yesterday that the Government has paid its obligations with the autonomous governments (GAD) until February, altough it still owes March and April. An exception was made with Manabi and Esmeraldas due to the emergency and they payments of those provinces are current.
Another payment for the affected areas of Santo Domingo de los Tsáchilas is expected for this week and another payment for all the sectional governments for this month.
Abarca made this remarks in the Commission on Economic Regime, he attended to report on the budget execution of the second half of 2015.
The minister attributed the delay of payments to low oil and taxes revenues.
On the domestic debt, she said that the highest one is that with the Social Security, of about $ 11 billion in State bonds. However, the Ministry then specified that domestic debt amounts to $ 13,863.4 million and $ 8,379.4 million correspond to the investments balance of the IESS-Biess.
On the foreign debt, 47% is with multilateral organizations, between 45% and 46% with governments, including China. In 2014 we returned to the capital market and in 2015 we benefited from loans of $ 1,500 million, the rest are commercial banks.
