Ecuador: President Correa declares country no longer oil dependent

Posted on November 9, 2014 • Filed under: Economy, Ecuador, Oil

telesurtv.net reported Ecuador seeks to increase investment in public spending despite declining oil prices.

During his weekly address to the nation, President Rafael Correa declared that Ecuador is no longer an oil dependent country. President Correa stated today that only 18 percent of total oil revenues would be allocated towards the budget for the fiscal year of 2015.

Despite falling oil prices, the government aims to increase levels of public investment levels by 6 percent next year, which will reach a total of USD$36.3 billion.

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“It is a lie that oil revenues finance the construction of roads, hospitals, education centers but rather it is due to the successful renegotiation of external debt, efficient tax collection and the renegotiation of oil contracts. That is what proves how Ecuador has eliminated petroleum dependency.” Correa stated in his weekly address. Read Article

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