Ortiz: The reserve would be $ 10,000 million

The earthquake that devastated the Manabi coast two weeks ago brought back memories of economists and businessmen who almost 10 years ago Ecuador had saved background, who have had it now would have helped face-million dollar reconstruction of the disaster and overcome the narrowness of the economy , thinned by diet in oil prices.

The former finance minister Fausto Ortiz, who was in the government of Rafael Correa in 2008 when these oil funds were eliminated, EXPRESS explained where that money has gone over the years and why Ecuador has no savings.

“Oil funds were eliminated, but went to the reserve and from there played a role, which was used to stabilize the economy” in a context in which the price of oil plummeted from $ 140 per barrel to $ 20. “Much of the $ 4,000 million in reserves that were lost from 2008 to 2009, oil funds were spent there,” said Ortiz (I).

Source: http://expreso.ec/economia/ortiz-la-reserva-seria-de-10-000-millones-IH292831