Ecuador registered a budget surplus in the first half that will allow the government to keep investing, President Rafael Correa said.
Ecuador's central government had a surplus of $508 million and public-sector entities such as municipalities and state-run universities had a $2.17 billion surplus, he said today in his weekly television address.
“This surplus is excessive,'' Correa said. “We have to boost our efficiency in investing.''
On Sept. 28, Ecuador will hold a referendum on a new constitution that calls for raising spending on health and education payday loan. Correa this week replaced Finance Minister Wilma Salgado after she said that Ecuador faces a budget deficit of about $2.4 billion next year and recommended slowing the pace of spending.
“$3.9 billion in investments will be carried out this year,'' Correa said.
With high prices for crude oil, the OPEC member's main export, Ecuador has met its repayment schedule on its $3.9 billion in foreign debt during Correa's term.