- Title: Ecuador's Moreno says economic situation is "critical"
- Date: 29th July 2017
- Summary: NUEVA LOJA, ECUADOR (FILE) (REUTERS) VARIOUS OF ECUADOREAN OIL FACILITIES
- Embargoed: 12th August 2017 17:14
- Keywords: Ecuador economy oil prices budget Ecuador's socialist President Lenin Moreno Lenin Moreno
- Location: QUITO AND NUEVA LOJA, ECUADOR
- City: QUITO AND NUEVA LOJA, ECUADOR
- Country: Ecuador
- Topics: Budget/Taxation/Revenue,Government/Politics
- Reuters ID: LVA0056RRSDVN
- Aspect Ratio: 16:9
- Story Text: Ecuadorean President Lenin Moreno on Friday (July 28) said the country is in a "critical" economic situation due to a need for financing and high liabilities, though the government expects to see GDP growth of 0.7 percent for the year.
Moreno said the state budget was projected at $36.8 billion dollars with projected oil prices at $41.69 dollars a barrel.
Oil exports from the smallest OPEC member are projected at 136.6 million barrels for 2017. Ecuador has said it will gradually increase output given an OPEC agreement to limit crude production worldwide.
Since 2015, Ecuador's dollar-based economy has been hit from a drop in oil prices and the appreciation of the greenback in addition to heavy losses in a devastating 2016 earthquake.
Moreno announced a series of measures to invigorate the country's construction sector and increase investment by repatriating overseas capital as well as optimizing public spending and prioritizing public outlays.
- Copyright Holder: FILE REUTERS (CAN SELL)
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