Posted On 17 Nov 2016
Ecuador’s obligations to China, the country that has provided the most resources via debt and oil presales, are estimated in at least $ 8,650 million.
Today Ecuador is ready to receive the visit of the president of this Asian country, Xi Jinping, who will be until tomorrow in a visit that has been described by President Rafael Correa as “the most significant in the history of Ecuador.” The signing of agreements and a joint declaration will be fulfilled.
Minister of Economic Policy Patricio Rivera explained that Ecuador has an excellent relationship with China, and during this visit, the financing of strategic projects, including the Refinery of the Pacific in El Aromo, Manabí, will be discussed.
According to the latest report from the Ministry of Finance, Ecuador owes China $ 7,977 million, which accounts for 32.5% of the foreign debt. But what has the current Chinese debt been translated into?
The main flows have been destined, among other subjects, to infrastructure and to finance the Annual Plan of Investments. During the last year, about $ 3 billion were received. While in 2014 and 2015 there were no Chinese disbursements.
From 2010 to 2012 payments of an average of $ 2,000 million were received. In 2010, for example, $ 2,682 million came in, including resources for the Coca Codo Sinclair hydroelectric plant and other projects.