The Ecuadorian Treasury must seek another 1 900 million dollars

In order to cover the State budget, the Ecuadorian Treasury must obtain 8 500 million dollars in total, that means, it is needed another 1 900 million dollars. “The financing of the economic program is around 8 500 million dollars (this year)”, said Fausto Herrera, Finance representative, in a TV interview.

Herrera explained that the requirement expanded because other two unexpected factors are now being considered. The first one is that the oil price is currently low in the market. The second is that a 900 million dollar payment was made to the company Oxy, who was suing the country.

According to Herrera, from the 8 500 million dollars, around 4 000 million are being assigned to payments and contracts.

The Minister affirmed that another 3 000 million dollars are closed to being obtained; but did not provide more information about the subject. (I)

Original source in Spanish: http://www.elcomercio.com/actualidad/fisco-presupuesto-faustoherrera-economia-negocios.html