• ENGLISH
  • ESPAÑOL
facebook
twitter
  • National>Entertainment
  • National>Local Economics
  • National>Local Politics
  • National>Society
  • National>Sports
BREAKING NEWS
First suspected case of monkeypox confirmed in Ecuador
National Assembly involved in a new legal-political mess due to the report on the dismissal of Guadalupe Llori
Deaths from covid-19 in Ecuador decreased considerably
Two indigenous people from Ecuador win Goldman prize for expelling gold miners
In Ecuador, the unemployment rate in April reached 4.7%
PSC repeats the formula in Guayaquil: Cynthia Viteri is going for re-election to the Mayor’s Office
The good, the bad and the promised of Guillermo Lasso’s first year
Crooked Power, the podcast about the El Universo Case and the importance of press freedom, is on air
Nine titi shrimp exporting companies finance a project to achieve eco-labelling
The European Union presented the CREA project, which will support the strengthening of exports with $4.7 million

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

6.2 M earthquake recorded in the border with Peru

Next Story

Lasso reiterates in Spain that there was fraud in the presidential elections

SEARCH

LATEST NEWS

First suspected case of monkeypox confirmed in Ecuador

Posted On 27 May 2022

National Assembly involved in a new legal-political mess due to the report on the dismissal of Guadalupe Llori

Posted On 27 May 2022

Deaths from covid-19 in Ecuador decreased considerably

Posted On 26 May 2022
Copyright © 2010 - 2019. All Rights Reserved. EcuadorTimes.net