China To The Rescue

ECUADOR - Report 19 Jan 2015 by Magdalena Barreiro
Executive Summary The government announced that Eximbank and the China Development Bank had agreed to extend $7.5 billion in loans.Though Minister of Finance Fausto Herrera said $4 billion would probably be disbursed in 2015, it’s likely that only $1.5 billion will be available to help finance this year’s $10.5 billion budget financial needs. That reality, combined with the unexpectedly deep plunge in Ecuadorian oil prices since August, forced Herrera to announce a $1.4 billion cut in investment spending, which reduces the gap to $9.1 billion. Falling oil prices have hit public spending ini...

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