Economy

President Correa: e-money is managed by the State in order for the private sector not to turn it into a business

The chief of state affirmed that according to the government’s plan presented at the National Electoral Council (CNE) by the right-wing’s candidate Guillermo Lasso, their goal is not to eliminate e-money but for it to be managed by the private sector and turn it into a business.

Ecuador's president plans to leave behind a stabilized and growing economy

President Rafael Correa highlighted Saturday that the country’s economy is recovering in spite of external difficulties that impacted exports with 10 billion dollars and the fiscal sector with a similar amount.

President Correa ratifies that Ecuador’s foreign debt does not exceed 27% of the GDP

Ecuadorian president Rafael Correa said Wednesday that the Ecuadorian foreign debt does not exceed 27% of its Gross Domestic Product (GDP), according to International Monetary Fund (IMF) manuals and added that the amount is not close to the limit established by the Constitution.

Non-oil exports in Ecuador increased by 64% until January 2017

In January 2017, Ecuadorian non-oil exports accounted for 64% of the country’s total exports in dollars and 35% in tons, according to figures from the Ministry of Foreign Trade.

Ecuador promotes its coffee exports in Russia

During a videoconference before representatives of coffee importers, Ecuadorian ambassador in Russia Julio Cesar Prado presented the catalogue with a variety of beans produced in 22 of the 24 provinces of the country.

Ecuador’s inflation rate in February at 0.20%

Ecuador reported an inflation of 0.20% in February while the accumulated reached 0.29% and the annual 0.96% according to the last report of the Consumer Price Index (CPI) released by the National Institute of Statistics and Census (INEC).

President Correa to lead demonstration in Ecuador to remember the 18th anniversary of the bank crisis

On Wednesday March 8, President Correa will lead a massive demonstration to remember another anniversary of the 1999 bank crisis which left hundreds of citizens mired in the worst economic crisis.

President Correa: Cutting taxes would only benefit the elites

The Ecuadorian right-wing’s pledge to eliminate 14 taxes in the country only benefits the elites “who want to save money” not the most vulnerable sectors for whom health and education will be privatized, said President Correa during the inauguration of a new Health Center in Chone, province of Manabí.

President Correa: Ecuador has overcome recession in record time

Ecuadorian president Rafael Correa said Saturday that the country has overcome the economic recession in record time according to some indicators and international studies.

Ecuadorian government invested more than $68bn in social development over the last decade

The government of Ecuadorian president Rafael Correa has invested 68 billion dollars in the social sector over the last decade which allowed improving the living standards of popular sectors which have had access to quality services in the areas of health, education, among others.

“The next administration will be left with a sound and growing economy,” says President Correa

Ecuador’s recession ended in the third quarter of 2016 and we are now in an economic recovery process, affirmed president Rafael Correa and estimated there would be an economic growth of 1.4% of the Gross Domestic Product (GDP).

OPEC informs Ecuador does not report losses in the sale of crude oil

In a letter to Ecuadorian ambassador in Austria Wilson Pastor, the Organization of Petroleum Exporting Countries (OPEC) informed “there were no findings therein which stated that the State of Ecuador loses $4 per barrel in the sale of crude oil,” as recently stated by former minister of Hydrocarbons Carlos Pareja Yannuzzelli, fugitive living in the United States.

First electric car manufacturer to be built in Ecuador

The first electric car and graphene battery manufacturer will be built in the province of Imbabura, in northern Ecuador, after the signing of an agreement between public company Yachay and private technological industry Red Tech.

Fight against tax havens must be coordinated, says OXFAM expert Rosa Cañete

Oxfam’s Inequality Campaign Coordinator Rosa Cañete affirmed Monday that the fight against tax havens must be coordinated worldwide and said that it is the key against inequality, especially in Latin America.

Tax collection rose by 12% and is “clear proof of economic recovery”: President Correa

Tax collection in Ecuador rose by 12% between January 2016 and the same month in 2017, which is proof of the country’s economic recovery, said President Rafael Correa during his weekly report from Quito

Is it feasible to reduce or eliminate taxes in Ecuador?

In the last decade, tax collection in Ecuador rise to 110.5 billion dollars. This amount ranges between 50 and 60% of the State’s Budget and is mainly aimed at financing the majority of public works in the country.

Ecuadorian minister of Foreign Trade and US Ambassador analyzed trade ties between both countries

Ecuadorian minister of Foreign Trade Juan Carlos Cassinelli met Tuesday with US ambassador in this country Todd Chapman with the aim of analyzing bilateral trade relations between both nations.

International forum on artisanal fishing meets in Ecuador

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Delegates from organizations of artisanal fishers from 40 countries are meeting in Ecuador since Thursday to analyze strategies that allow promoting state policies to improve social and labor conditions of the fishing sector on a small scale.

Cooperation between public and private sectors will help improve exports to the EU in the region

With the coming into force of the trade agreement between Ecuador and the European Union (EU), entrepreneurs believe that one of the priorities would be to work together between public and private sectors not only in the country but in the region in order to make the most of export opportunities.

The European Union provides Ecuador’s social and solidarity economy with resources

The European Union (EU) supports Ecuador’s popular and solidarity economy on the sidelines of the Support Program for the Economic, Social, Solidarity and Sustainable sectors (PASES for its acronym in Spanish). The EU gave 16.4 million dollars.