Ecuadornews:
Celec and CNEL acquired Treasury Certificates from the Ministry of Finance. The resources were transferred to the General State Budget. For the second time this year, public companies transferred fresh resources to feed the General State Budget.
The Electricity Corporation of Ecuador (Celec) and the National Electricity Corporation (CNEL) delivered to the Ministry of Finance $ 450 million ($ 350 million and $ 100 million, respectively).
They are funds that were not generating returns, so they were mobilized through Treasury Certificates (Cetes) that are issued by the Ministry of Finance, reported the National Secretariat of Communication (Secom).
The papers will have between 180 and 200 days term, since they were not included in the business plans of the national firms. The Government emphasized that these operations are part of the Business Improvement Plan that seeks the profitability of public companies with optimization policies.
Édison Garzón, president of the Public Company Coordinator of Public Companies (EMCO), said through social networks that companies are transforming and thus become more efficient and profitable. On several occasions, Garzón has expressed that the plan seeks the efficiency of the institutions in order to contribute to the State and not depend on it.
The first transfer to the Treasury was in April for $ 111.9 million from surpluses generated by the National Telecommunications Corporation (CNT), disinvestment of the Public Cement Company (EPCE), and absorption of the ProAlimentos Institute by the Storage Unit (A). The Improvement Plan is one of the ways to reduce public spending by at least $ 1 billion a year, according to the economic program.
Only this year is expected that public companies save $ 419 million in current expenditure.
Plan
Companies were evaluated
The EMCO presented the Improvement Plan in April. All public companies were subjected to evaluations. From there the immediate liquidation of the Cement Public Company, and Enfarma was decided.
15 public companies will be operational, out of a total of 22, after the optimization process.
Greater profitability The Government expects more profitability from Celec, CNEL, CNT, Public Water Company and Astinave Company. (I)
Source: https://www.eltelegrafo.com.ec/noticias/economia/4/empresaspublicas-dinero-estado
