• ENGLISH
  • ESPAÑOL
facebook
twitter
  • National>Entertainment
  • National>Local Economics
  • National>Local Politics
  • National>Society
  • National>Sports
BREAKING NEWS
In Ecuador, 475 organ transplants have been performed so far in 2023
This is how González and Noboa adjust their image to fight for 5.1 million votes
Shrimp farmers denounce that insecurity costs USD 100 million to the sector
United States Coast Guard will collaborate with the Navy in the fight against drug trafficking
Two corners of Ecuador in the world ranking of the best towns for tourism
Ecuadorian companies promote IDEA law in favor of Ecuador in Washington
Ecuador incorporates 25,000 hectares of paramo to its protected areas
Former comptroller Pólit ‘helped’ a corrupt businessman get an appointment with Correa
Ecuador still has one of the weakest passports in Latin America
The European Union increases its banana consumption

Minister of Finance announces cuts in capital expenditure

Posted On 06 Jun 2017

Ecuadornews:

 

 

In the next seven months, the new Finance Minister Carlos de la Torre will have to solve four fiscal problems. The main and most urgent is to find financing to pay the outstanding obligations with a series of creditors.

But the Treasury also faces unstable oil prices and a slow recovery of tax revenues. In addition, it must define the measures to comply with the offer of the Government to implement fiscal austerity. De la Torre explained on Monday, June 5 that only the deficit – that is, the resources needed to cover expenses this year – amounts to USD 4 558 million.

In addition to this value, the Government needs to find financing to pay off debt obligations, pre-sales, and loans with the Central Bank. In total, the Treasury needs this year between USD 12.5 billion and 13 billion. The Finance Minister announced Monday in a media briefing that to solve the fiscal deficit capital spending will have to be reduced, specifically infrastructure investment, he considers “very expensive.”

President Lenin Moreno, during his inauguration on May 24, spoke of promoting a fiscal austerity policy. The first week of his administration he eliminated six coordinating ministries. In budgetary terms, the decision will involve a saving of USD 42.7 million a year. The expenses are higher and are reflected in the growing financing needs of the Government (I).

 

Source: http://www.elcomercio.com/actualidad/finanzas-recortes-gastos-economia-ecuador.html

About the Author
  • google-share
Previous Story

The interest of Ecuadorian companies to export to the European Union is tripled

Next Story

The Legislature points the finger towards the Comptroller and Alianza PAIS avoids the call to vice president Jorge Glas

SEARCH

LATEST NEWS

In Ecuador, 475 organ transplants have been performed so far in 2023

Posted On 30 Sep 2023

This is how González and Noboa adjust their image to fight for 5.1 million votes

Posted On 30 Sep 2023

Shrimp farmers denounce that insecurity costs USD 100 million to the sector

Posted On 29 Sep 2023
Copyright © 2010 - 2019. All Rights Reserved. EcuadorTimes.net