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The State injects millions into public companies
Posted On 02 Oct 2018
Ecuadornews:
The work of public companies is in the sights of the control authorities. The National Assembly and the Comptroller General of the State review the financial and administrative statements of the 21 state entities.
Until June, for example, the Comptroller General made 4,576 recommendations to make transparent and optimize the work of state companies. There are 399 documents, including reports and special examinations that make objections to the operations of the companies, during the government of former President Rafael Correa.
These texts analyze, as published EXPRESO yesterday, the economic situation of companies such as Tame, Fabrec and Flopec. The transactions of the oil companies (Petroecuador and Petroamazonas) are also monitored and the revenues and expenditures of the National Storage Unit (UNA), Yachay, Correos del Ecuador, among others, are reviewed.
One of the situations under study is that few companies are self-sustaining. That is, they have the economic capacity to operate autonomously. The majority depends on resources that come from the General Budget of the State through the Ministry of Economy and Finance.
This newspaper acceded to a balance of all public companies. There it is evident that, in this year, the State allocated 5,549 million dollars for the expenses of the institutions.
Strategic Ecuador, the Public Water Company, Yachay, Public Media, Railroads of Ecuador and the National Mining Company of Ecuador are some of those that subsist thanks to public money.
Among the self-sustaining are, on the other hand, the oil companies, the electricity companies, CNT, UNA, Correos del Ecuador, Astinave and Flopec.
CNT stands out because it even transferred, as it published this newspaper yesterday, 30 million dollars of its surpluses to the Government for its expenses. That despite the fact that the State ministries, companies, secretariats and units owes about 97.2 million to the telephone company.
The eyes of the Comptroller General are not the only ones that examine these values. In these weeks it is expected that several general managers and financial managers of state companies appear before the Economic Development Commission of the National Assembly to explain their balance sheets and discuss the changes they implement. The opposition fears that the inherited irregularities will continue.
Patricio Donoso, Assemblyman / Creating Opportunities
“The figures are outrageous”
What has been done since the Assembly to correct the course of public companies?
In the coming weeks will come the highest authorities of the entities to explain the economic, administrative and operational problems. We have found an atrocity in the financial statements resulting from the actions and mismanagement of the previous Government.
What companies attract attention for their negative figures?
We have talked with the management of Tame and I think that also with Yachay. We have pending with entities like Fabrec that are a disaster. From the Commission of Economic Development we want to know the direction that the public companies that generate expenses for the whole country are taking.
What urgent changes should be made in companies?
There are irregularities and anomalies in the electrical ones. We have to review how it works, for example, each business unit in the provinces and cities. We know of success stories such as Quito, but there are faults in many others. (I)
