Oxy debt swells the list of liabilities of the Treasury

Image: Expreso

The Finance Minister Fausto Herrera said that the compensation that has to be paid is no longer considered a contingent liability and passed to be a “passive.”

During his appearance before the Commission on Economic Conditions of the Assembly, the official reiterated that the country should enter into negotiations with Oxy about the payment method and see how the term is increased to settle the debt.

Ecuador was sentenced by an arbitral tribunal, composed at the request of the Center for Investment Disputes (ICSID), to cancel a compensation of 1,061 million dollars plus interest for the declaration of nullity of the contract for operation of block 15, in 2006.

Herrera exposed in the legislative table the proforma budget for next year.

 
Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8643291&idcat=38269&tipo=2