Ecuador: Pres Correa states 2015 to be “difficult” year

af.reuters.com reported President Rafael Correa began an official visit to China on Monday to seek additional credit lines. He has said 2015 will be a “difficult” year due to challenges such as the large expenditures still required to complete construction of several hydroelectric dams.

Ecuador has cut its 2015 budget by 4 percent due to a drop in export income resulting from the plunge in crude oil prices, the Finance Ministry said on Monday, with cuts to be made to investments and to the government’s operating costs.

The government said capital spending will be cut by $840 million, targeting projects that would rely heavily on imports and those that can be deferred most easily. Another $580 million will be lopped off spending on government salaries and procurement. Alexandra Valencia; Writing by Peter Murphy Read Article

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