QUITO (Reuters) – Ecuador firmly maintains its budget deficit target for the year of 2 percent of gross domestic product (GDP), Economy Minister Pablo Arosemena said on Monday, despite the loss of oil profits sparked by weeks of indigenous protests. groups
Protests in the country erupted on June 13 and lasted more than a fortnight, killing another 8 people and severely affecting Ecuador’s oil industry, its main source of income. Protesters forced cuts in the price of fuel and adjustments in oil and mining policy.
Arosemena, which took over last week after a pantry reorganization, said early estimates show the protests caused losses of $230 million in oil profits, with production falling to part of its previous 500,000 barrels consistent with the day (bpd).
State oil company Petroecuador last week posted losses estimated at $513 million, production, pumping and exports.
“We maintain the same fiscal targets, which will allow us to create space for social spending, reduce delays, incur less debt and public finances,” Arosemena told reporters.
The budget deficit will be minimized starting this year and achieve a surplus in 2025, he said, ruling out the chances of a tax being accumulated to meet the target.
He said any attempt to seek financing in the market is short-term.
“Public spending is like nails. Every day we have to cut this unproductive public spending,” he said. “You have to look for greater efficiency. “
The government plans to spend about $1. 4 billion on social systems over the rest of the year and stimulate regional economic spending, he said.
Ecuador is expected to get $700 million from the International Monetary Fund in December, the tranche of a $6. 5 billion financing deal.
He will announce the final results of debt renegotiations with China next week, Arosemena said.
ZURICH (Reuters) – The Swiss National Bank on Friday reported a loss of 95. 2 billion Swiss francs ($100. 08 billion) in the first part of the year, the biggest loss in six months recorded through the Swiss National Bank.
A look at the day-to-day in the anshuman Dagger markets. If markets were looking for more news about the Fed’s recent optimism, then Apple’s profit panels. . .
By Frank Siebelt FRANKFURT (Reuters) – The European Central Bank’s biggest judicial failure of German education is contemplating legal action against the ECB’s new bond market. . .
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