Ecuador Finance Ministry announces 2014 budget data in Twitter statement. * 2014 spending to rise 5.98% from budgeted $32.4b this year * Govt budgets oil prices will avg. $86.40/brl in 2014 * Statement didn’t give other details of budget * NOTE: President Rafael Correa said Oct. 26 GDP may rise as much as 5% in 2014 * NOTE: Avg. price of Ecuador’s Oriente and Napo crudes in year through Aug. was $98.27/brl, according to central bank
Rafael Correa, Ecuador’s first elected president since 1996 to finish his term, is poised to win re-election Feb. 17 as voters reward him for using the OPEC nation’s oil wealth to boost spending on social welfare.
OPEC-member Ecuador, where the rights of nature are recognized in the constitution, plans to develop crude deposits in an Amazon area declared a biosphere reserve by the United Nations as existing fields age and economic growth slows.
Ecuador President Rafael Correa is emerging from the shadow of Venezuelan mentor Hugo Chavez as his decision to grant asylum to WikiLeaks’ founder Julian Assange plunges relations with the U.S. to new lows.