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Latin America Investment News on Viva Tropical

Ecuador Will Keep Spending Despite Lower Oil Prices

Article Summary:

The Government of Ecuador will maintain its aggressive public investment program this year, say officials, and will allocate $5 billion toward public sector projects despite falling oil prices, the country’s main export and source of revenue.

Photo Credit: Petroamazonas

Original Article Text From Hoy via Google Translate :

Ecuador says it Will Maintain Its Investment Program Despite Lower Oil Prices

The Government of Ecuador will maintain its public investment program this year, which will allocate 5.754 million dollars, despite the falling price of oil, its main export, said today the Minister of Finance of Ecuador, Patricio Rivera.

“We have need not even thinking about the subject of an adjustment, “he said in a press conference. The government based its budget for this year to a value of $ 79.7 per barrel during the first half and the price was much higher that amount. Therefore, during the second half of the barrel would have to drop below $ 57 to keep the government budget to fulfill its goal, said Rivera, who said that this fall “is very unlikely.”

Intermediate Oil Texas, the U.S. benchmark, opened today with a decrease of 0.47% and traded at 13.05 GMT $ 88.8 a barrel on the New York Stock Exchange. National Secretary of Planning of Ecuador, Falconi Fander explained at the press conference that 50% of public investment planned for this year had been executed until June.

The Secretariat headed (Senplades) has a portfolio of 2,000 projects, including schools, infrastructure and investment in science and technology, he said.
Last year, the Ecuadorian government investment amounted to 5.243 million dollars, equivalent to 8% of its gross domestic product (GDP), according to official figures released today.

That percentage represents a decrease compared to 2010, when it was 11.1% of GDP, while in 2009 was 10.2%. The figures for those two years as a percentage of GDP were higher than those of other countries in the region, including Mexico, Argentina, Colombia and Peru, as the Senplades. The Government gave no data on private investment. (Reuters)

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