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Ecuador announces measures intended to wean country off dependence on oil revenues.(economic policy development)(Brief Article)
QUITO -- Finance Minister Jorge Gallardo announced the government's latest fiscal reform package on Monday, detailing plans that would cut the country's public debt burden from today's 63.6% of GDP, to a more manageable 40%, via a fiscal responsibility law, as well as creating a fund to offset any effects that oil price weakness could have on the country. He also outlined plans to end the politically sensitive practice of earmarking tax revenues. The introduction of these measures are all part of conditions put in place by the IMF to ensure the next disbursement of its $300 million credit line.
The government's goal is to post a structural surplus of at least 2% of GDP, according to Gallardo, and reduce the country's debt burden to a more manageable level.
Implementation will hinge around state spending whereby the central government would determine expenditures by assessing state incomes, and is expected to lead to substantial savings, although it is likely that the provinces would have to ...
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Source: HighBeam Research, Ecuador announces measures intended to wean country off dependence on...