Ecuador Internacional

Oil price woes: Ecuador gets $5.3 billion China credit

Agencia AP 07/01/2015

Fuente: Doomerdoug

Fuente: Doomerdoug

Ecuador's state-run news agency says the Andean country has secured a $5.3 billion line of credit from China to help it cope with a budget shortfall caused by plunging oil prices.

Tuesday's announcement by Andes quoted Finance Minister Fausto Herrera as saying the money would be used for social spending, infrastructure and irrigation.

It comes as President Rafael Correa begins an official visit to China, his country's principal creditor.

Lower petroleum prices have forced Ecuador to cut its budget by $1.4 billion, impose tariffs on imports from neighboring Peru and Colombia and revoke a 5 percent raise that state employees were to have received this year.

The credit line comes from China's Eximbank, which is already financing hydroelectric projects in Ecuador.

Fuente Original

Notas relacionadas

ver más