Ecuador Begins 2016 with high debt, Correa asks creditors for patience

Posted on January 17, 2016 • Filed under: Business, Economy, Ecuador reported the Government had a floating debt of $ 2,456 million at December 31, 2015. The regional governments, as well as manufacturers, service providers, teachers, are the sectors most affected them this debt.

That can be seen with the figures registered by the Ministry of Finance. According to this Ministry, the government accrued (billed or made commitments) for $ 35,745.4 million, but only made actual payments of $ 33,199.3 million. That is, they were outstanding $ 2,546.1 million.

According to the executive secretary of the Fiscal Policy Observatory, Jaime Carrera, a dispute it is known “as the ball or floating debt” and is the highest recorded in the period of the present government. Finance said on its website that in 2014 this was $ 708.4 million.

He explains that the floating debt is like a snowball that grows, as the pending last year are canceled with resources from the following year and so on. President Rafael Correa asked last December 12 ‘patience’ creditors. Then it was estimated that by the end of this January were going to cover the accumulated bills of contractors and suppliers. Read Article


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