The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Wednesday, October 31, 2007

Ecuador's Correa to name new economy adviser

QUITO, Oct 30 (Reuters) - Ecuadorean President Rafael Correa will name a former deputy finance minister close to the administration as a top economy adviser in his cabinet, a government official said on Tuesday.

Pedro Paez will be named on Wednesday as the new ministry coordinator of economic policy to overview fiscal matters, but will not decide on debt policy, the official said.

Paez will share functions with Mauricio Davalos, the minister coordinator of production, who is considered by Wall Street as one of Correa's most pragmatic ministers.

Paez acted as a deputy economy minister in the previous administration and helped draft a law in 2006 that imposed a windfall royalty tax on foreign oil companies operating in Ecuador, South America's No. 5 oil producer.

Correa, a leftist former economy minister, shocked investors earlier this month by hiking that windfall royalty to nearly all the extra oil revenues generated by oil firms above a set contractual price.

No comments:

Post a Comment