Ecuador: Minister forecasts strong growth despite oil price decline

WSJ.com/Mercedes Alvaro reported Ecuador’s Minister Coordinator for Economic Policies Patricio Rivera says the government isn’t planning new budget cuts despite the fall in oil prices and the appreciation of the U.S. dollar. In January, President Rafael Correa’s government announced a $1.42 billion cut in public spending, equivalent to 4% of its fiscal budget, due to the decline in oil prices. Private-sector analysts say that while the government has curbed its spending on purchases of goods and services, it still needs to make cuts to public-investment projects. However, Mr. Rivera said further cuts aren’t necessary, adding that Ecuador’s economy is expected to expand at more than double the rate forecast for all of Latin America and the Caribbean this year. Read Article

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