Correa: Ecuador is ready for the fall of oil prices

EFE / José Jácome

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 activities, but expressed its confidence that the decline in oil prices, “recovers”.

Currently the price of the West Texas Intermediate’s (WTI) barrel, reference for Ecuador is USD 78.54, while the average value estimated in the general state budget for this year is $ 86.4.

Correa added that it has made good on his government “the high price of oil,” and that the road now will be “reduce the investment program.”

The president said that for every dollar that lowers the oil barrel price, which is the main source of foreign exchange earnings, Ecuador loses about $ 70 million, equivalent to “four or five schools Millennium less.”