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Ecuadorian President Correa Demands $1,116 Billion Repatriated to Ecuador

Article Summary:

Ecuadorian President Rafael Correa, has ordered the Central Bank of his country to repatriate $1,116 billion which is deposited in foreign accounts, especially in the U.S., to finance investments and create jobs.

Photo Credit: Informador

Original Article Text From El Informador via Google Translate :

Correa Ordered 1,116 MDD Repatriate Overseas

Ecuadorian President Rafael Correa, on Wednesday ordered the Central Bank of his country repatriate One thousand 116 million dollars deposited in foreign accounts, especially in the U.S., to finance investments and create jobs.

The president, in his usual Saturday’s report also highlighted the economic performance in the first quarter of the year stood at nearly 5 percent, but said the country should prepare for a potential global crisis of greater magnitude. ”

Economic activity in Ecuador in the first quarter of 2012 has been quite good “, with growth of 4.8 percent, which is the third highest in the similar period last year, Correa remarked. stressed that this growth has been nearly 7 percent in the production section of “no oil” which he said is the biggest employer in the productive chain, although the main crude export and brings nearly 25 percent to funding from the state budget.

In addition, Correa said that “there are no signs, even remotely, of economic recession” in Ecuador, although the Government has decided to “take all precautions to deal with a potential global crisis more severe and a potential recession in the country, the result of this crisis. ” Therefore, said to be located “idle resources” Central Bank abroad for 2 000 516 million dollars, 400 million of which must be maintained in international accounts basically as support letters of credit, among others. The remaining 1.116 million are “idle resources” that should return “immediately” to the country, to finance the investment program and reduce external financing requirements, he added. Of this amount said Correa, $ 865 million will finance planned investments, so there is a surplus of 251 million available for other projects.

“We are looking for resources to maintain the level of economic activity and employment generation” and thus also studying new Central Bank regulations and the Banking Board, aimed at private sector institutions. “Banking (private) has at least 2 000 700 million silver dollars out of the Ecuadorian people”, although some studies suggest that this amount would 5 billion and others put it at 10 billion, said Correa. “Gentlemen bankers, I will have to bring that little money (money) to the country to finance the country’s development” and “U.S.,” he said Correa.

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From El Informador

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