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Public companies inject $ 111.9 million into the State
Posted On 12 Apr 2018
Ecuadornews:
A total of $ 111.9 million was received by the Ministry of Economy and Finance (MEF) for the surplus, divestment and merger of four public companies. These are the first results of the Business Improvement Plan that the Public Company Coordinating Company of Public Companies (EMCO) has been carrying out for five months.
From the global amount, $ 100 million correspond to surplus generated during fiscal year 2017 by the National Telecommunications Corporation (CNT). The money will be injected into the National Treasury Single Account in ten monthly payments of $ 10 million, each. For this, the Corporation signed an agreement to transfer resources to the Ministry of Finance. Andrés Moreno, general manager of the CNT, said that in 2017 the company achieved revenues in the order of $ 920 million, of which $ 160 million correspond to profits.
Of this last amount are the $ 100 million that go to the Treasury, the rest will serve to reinvest in the firm, said Moreno, who mentioned that the goal for 2018 is to exceed $ 1,000 million in billing. Another $ 8.6 million will enter the Single Account from the divestment process of the Public Cement Company (EPCE), which began in 2016.
In September of that year the EPCE began the process of buying and selling its shareholding package to continue with the final closure. Although the EPCE maintains mining concessions and the sale of cement business, in the planning for 2018 it was proposed to divest, through the renunciation or free transfer to another state entity, in said concessions and to close completely.
Finally, through the absorption process of the Food Provision Institute (ProAlimentos) to the National Storage Unit (UNA EP), $ 3.3 million was delivered to Finance. The remaining money, $ 1.2 million, will be used to pay six ProAlimentos contracts pending settlement. María Elsa Viteri, Minister of Finance, said that it has been detected that several companies keep liquidity that is not being used. On the other hand, Édison Garzón, owner of the EMCO, indicated that actions are analyzed so that there is no waste of resources. The authorities will review the budgets of all companies. (I)
