Ecuador: Drop in oil price, forces govt to find $800 million in cuts of non-essential projects

Posted on August 24, 2015 • Filed under: Economy, Ecuador, Politics

telesurtv.net reported a drop in the price of oil has forced the Ecuadorean government to find US$800 million in savings from “non-essential” works and projects.

A US$800 million cut to Ecuador’s national budget will not touch government social programs or decentralized governments, Finance Minister Fausto Herrera has confirmed.

Speaking on Saturday, on Citizen’s Link, Ecuador’s weekly presidential TV show, Herrera explained that many social services were protected from the cost-saving measure that he announced last week.

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“The cuts will not affect government social programs,” said Herrera, adding that President Rafael Correa instructed them to “not touch a cent” of the budgets of the Decentralized Autonomous Governments (GADS) and town councils.

Furthermore, the minister confirmed that building works already in progress will not be delayed this year. Read Article

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