Posted On 08 Apr 2014
Last year, it was not necessary to issue foreign debt bonds, however, on Sunday the scene changed. President Rafael Correa said that the issuance would be held this year and that the amount would reach 700 million dollars, although he said this issue would not cover the financing of this year.
This, because the 2014 expenditure progresses as planned although slight reductions compared with 2013. In terms of Investment and capital expenditure, for example, figures of the first quarter went from 2,147 million to 2,055 million. In general, in the first three months of the year, the State spent 24.42% of its budget (US $34,300 million).
The main category of expenditure, as usual, was the payment of salaries to civil servants in the public sector. Of the 8.670 millions encoded for this item, 1.893 million were cancelled.
The second amount, expenditures which carries out the State for their daily functioning. Of 8,570 millions adefined, 1,765 million dollars have been spent.
Other high areas are those related to external commitments. The obligations from the advance sale of crude oil, for example, generated an expense – in the first quarter of the year – 561.6 millions.
The payment of public debt also represents an important expenditure, of 2,057 millions destined for payment, 675.8 million dollars have already been earned.