Economy

President Lenín Moreno, “This has definitely been a decade of achievements”

Ecuadorian President Lenin Moreno highlighted the achievements made in the last decade under the administration of Rafael Correa which he referred to as “a decade of achievements” and called upon the private sector to make the most of the country’s conditions “to produce more and better.”

Investment in the energy sector is a long-term asset for Ecuador: Latin American Energy Organization

Secretary of the Latin American Energy Organization (OLADE) Alfonso Blanco pointed out that there are greater water-resource-exploitation rates to generate energy in Latin America and that there are countries where the energy generation mix is almost 100%. He praised Ecuador for investing in renewable energy projects for energy generation.

China supports comprehensive partnerships with Latin America to move towards development

On its way to becoming the world power, China has decided to become partners with countries of the Latin American and Caribbean region that are “in similar development stages,” which allows sharing tasks and having “economic compatibility,” says General Director of the Latin American and Caribbean Department of the Chinese Ministry of Foreign Relations Zhu Quingqiao.

Ecuador’s Production Council plans programs for small and medium-sized enterprises

Ecuador’s Production Council, led by vice president Jorge Glas, met Thursday with representatives of the Chamber of small and medium-sized enterprises of Pichincha (Capeipi for its acronym in Spanish), the National Chamber of Small-sized enterprises (Canape for its acronym in Spanish) and the Popular Finance Corporation who suggested an agenda for innovation, quality and employment.

Ecuador’s govenrment aims at reducing the 2017 fiscal deficit to 4.5%, says minister of Economy

Ecuadorian minister of Economy and Finance Carlos de la Torre announced Monday that the government of president Lenin Moreno will focus its administration on strengthening “a change of progressive structure that increases productivity and competence with a greater role of the private sector,” protecting social inclusion.

Ecuador’s government will give loans to boost productive development, says vice president Glas

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Vice president Jorge Glas gave loans to entrepreneurs in Guayaquil as part of the government’s strategy to strengthen productive development with the support of Ecuador’s public Banks.

Ecuadorian govenrment to begin talks with the U.S on extension of GSP

Minister of Foreign Trade Pablo Campana met Wednesday with US ambassador in Quito Todd Chapman to talk about different topics on bilateral relation including the need to extend the GSP (Generalized System of Preferences) offered by the North American country which will expire in December 2017.

Ecuador’s government will strengthen its electronic money system with the support of private banks

Minister of Foreign Trade Pablo Campana announced Wednesday that there is an agreement between the government and private banks to work together and strengthen the electronic money system, implemented in the country since 2014.

Former president Rafael Correa highlights the need to protect external sector of the economy

Former president Rafael Correa warned Wednesday about the “current” challenge for the Ecuadorian economy and the “serious problems” in the external sector of the economy as a result of the 2% VAT reduction, dismantling of tariff surcharges, increase of liquidity and demand increase.

$450 M Project Financing Package for Fruta Del Norte announced

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Fruta del Norte project (FDN), the largest in the country and located in the province of Zamora Chinchipe, sealed the first funding package for 450 million dollars, said minister of Mines Javier Cordova.

1,9 million people escaped poverty in Ecuador in the last decade

Hilda Iles Cachago is 41 years old, she has five children and lives in a rural town in the province of Pichincha. She received the bono de desarrollo humano (cash transfers) for more than 10 years and now received a loan.

Ecuador’s president-elect meets with the private banking sector and reaffirms the US dollar will remain the country's official currency

Ecuador’s president-elect Lenin Moreno met Thursday with representatives from the Association of Private Banks (ABPE for its acronym in Spanish) to discuss aspects of the economy and policies for the banking sector before taking office on May 24.

Ecuador’s non-oil exports amounted to $11.3 bn in 2016, according to Ministry of Foreign Trade

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Ecuador’s non-oil exports amounted to 11.3 billion dollars in 2016 with an average annual rate of 3.4%, informed minister of Foreign Trade Juan Carlos Cassinelli who highlighted the agreement with the European Union as the government’s greatest achievement.

Ecuador increased its exports in the first quarter after signing agreement with the European Union

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Vice president Jorge Glas highlighted the benefits for Ecuadorian exports followed by the multiparty agreement with the European Union which came into force last January and allows both parties to export their products with tariff preferences.

Cassinelli reaffirms before WTO the country’s commitment to phase out import surcharges by June

Minister of Foreign Trade Juan Carlos Cassinelli and his delegation participated Tuesday in the sixth consultation meeting before the Committee on Balance-of-Payments Restrictions of the World Trade Organization (WTO) in Geneva.

"We’re leaving a stable country that could grow more than expected”: President Correa

One month before leaving office, President Rafael Correa said Monday that the transition process will officially begin next week and added he is leaving a country with a stable economy behind with an estimate growth of 1.4%, investments increase and no funding problem.

Ecuador has the lowest unemployment rate of the last five years

Ecuador’s unemployment rate stood at 4.4% in March 2017, which means 1.3% less than in the last month and becomes the lowest unemployment rate in the last five years, according to the last survey conducted by the National Institute of Statistics and Census (INEC).

President-elect and entrepreneurs commit to working together for Ecuador’s productive development

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On Wednesday, Ecuador’s president-elect Lenin Moreno held a meeting with more than 400 entrepreneurs of the country and invited them to work together in the implementation of public-private policies to create jobs, investment and productive development during his four-year term that begins May 24.

Ecuador increased exports to the EU by 15%

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Minister of Foreign Trade Juan Carlos Cassinelli informed that the agreement with the European Union already yields results for the Ecuadorian economy with a 15% increase in the volume of exports of the main national products including shrimp.

Ecuador’s inflation at 0.14% in March, according to INEC

Ecuador inflation was 0.14 percent in March, according to the last report of the Consumer Price Index (CPI), published by the National Institute of Statistics and Census (INEC).