ECUADOR
- In Brief
28 Apr 2016
by Magdalena Barreiro
The earthquake of last April 16, has forced the government to seek help from the IMF. Minister of Finance Fausto Herrero confirmed he is working with multilateral to set a fast loan agreement to cover part of the losses from the natural disaster. He insisted, however, that the loan must come "without the imposition of a program". The IMF has not given details on the operation, either. On the other side, according to estimates from the IRS, the value added tax collections will be 20% short from estimations given in this year's budget. In addition, the Director Paola Hidalgo, informed that an increase of 2% on this tax will reduce collections by 3% according to a model developed by the IRS. Therefore, President Correa's proposal to collect funds to help with the above mentioned losses seems to be not only insufficient but detrimental. We are waiting to see what is the reaction from Correa after Hidalgo's statements.
Now read on...
Register to sample a report
Register
Sign-in
Copyright 2021 GlobalSource Partners. All rights reserved. This In Brief is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This In Brief is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this In Brief or its contents.