Thursday, February 25, 2016

Ecuador budget will be adjusted according to oil price

The president of Ecuador, Rafael Correa, announced that the general budget of the country will be reset based on the current reality of oil prices in the international market. Speaking to reporters, the president said his economic team met "to adjust the reference price per barrel was 35 and have adjusted to 25 (dollars)," he said, according to DPA. Correa did not indicate the total amount of the adjustment to the budget, which was approved in the amount of 29,835 million, with the calculation of income from the sale of oil at $ 35 each barrel. Ecuador, the smallest member of the Organization of Petroleum Exporting Countries (OPEC), placed in the midmarket million barrels a day. The president said that despite the readjustment will work for the benefit of the lower class of the country and investments in the social sector "without affecting the poorest" will be prioritized. Official figures show that in 2015 Ecuador lost seven billion dollars by the decline in oil prices. Oil is the main export product of Ecuador and accounts for 50 percent of international sales. Another great budget revenue of the Andean nation's tax collection that provides the budget 15 billion dollars.

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