Latinnews Daily - 30 November 2017

Ecuador: The national legislative assembly has approved the 2018 draft national budget for US$34.853bn, 5.34% lower than the 2017 budget. The finance ministry highlights the need to meet social objectives, with US$12.83bn going to education, health, and urban development. Based on a GDP growth forecast of 2.04% for 2018 and average annual inflation of 1.38%, the 2018 budget also expects revenue of some US$1.8bn from oil exports with the price of a barrel of oil coming in at US$41.92. Following a visit this week by an International Monetary Fund (IMF) mission to Quito, Alejandro Werner, the IMF’s Director of the Western Hemisphere Department has said that Ecuador's economy “is recovering briskly from the 2016 recession and activity has been stronger than anticipated”.

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