The 2013 budget draft, which amounts to $ 32,366.8 million, was approved yesterday by the National Assembly in a single debate with 100 votes in favor, none against and 12 abstentions, from a total of 112 assembly members.
For the budget draft, the government expects an annual investment plan of $ 7,960 million, equivalent to 25% of the total and 9% from the gross domestic product (GDP) estimated on $ 90,326 million this year.
This year’s budget showed a deficit of $ 5,050 million which, according to the Ministry of Finance, would be covered with two loans from China, one that entered last February, for $ 1,200 million and another one yet to come on next August of $ 1,400 million.
The plenary debate began with a presentation made by President of the Economic Committee, Oswaldo Larriva, who said that this level of debt held by Ecuador is among the lowest when compared internationally.
This week the draft is to be sent to the Executive to get its proper approval or comments.