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DEBT RENEGOTIATION
135
DEBT
RENEGOTIATION
ECUADOR 80´s - TODAY
OSVALDO HURTADO
President 1981 -1984
- In 1981 the price of oil dropped a lot.
- Ecuador faced the restrictions of international banking
PAQUISHA
PAQUISHA
Casus belli: Three Ecuadorian military detachments in Peruvian territory.
It was a struggle between Ecuador and Peru, several confrontations that occurred in Paquisha.
ENSO (EL NIÑO-SOUTHERN OSCILLATION)
ENSO
The losses because of this FLOODING were large, especially in agriculture. In 82-83 the losses were $ 233 million and the affectation of 30,700 hectares of land dedicated to the sowing of soybeans, rice, bananas and sugar cane.
"NO MONEY NO DEVELOPMENT"
ELIMINATING OF SUBSIDIES
POLITICAL MEASURES
Energy subsidies.
- Petroleum derivatives
- LPG (Liquefied Petroleum Gas)
THE PROBLEMS
THE "RENEGOTIATION"
The different governments that renegotiated the external debt have made several mistakes that have hurt the country:
- Contracting new debts to pay the previous ones.
- Accepting high interests, etc.
In the Osvaldo Hurtado and León Febres Cordero governments, bankers were part of the economic team. The famous "sucretización" turned the debt from 1.6 billion dollars to 7.5 billion dollars :(
WHAT´S HAPPENING
now?
"THE SOLUTIONS"
(BY THEN AND TODAY)
REMOVING SUBSIDIES
01
---
- Fossil fuel subsidies:
Oil and LPG
- Electric power
- Decrease in
retirement pensions (IESS)
01
No subsidies
02
NO BUDGET FOR EDUCATION
---
Facing COVID-19 the government had cut USD 98 millions of the budget from different universities.
This problem affect 32 institutions in total.
02
Education
03
ONLY BUDGET FOR HEALTH
---
The Ministry of Economy raised more than $100 million in financing for the health crisis.
World Bank; $ 26.3 million, the IDB: $ 25 million and the CAF: 51 million.
Acoording to the government all that money will go to equipment, medicines, and infrastructure improvement.