Ecuador's government submitted the 2009 and the 2010 budget proposals to the National Assembly, along with the required four yearly budget proposals covering the years 2009 to 2013.
The 2010 budget proposal has a deficit of around $3 billion. It forecasts a 6.81% increase in gross domestic product, including 7.67% growth in the non-oil sector and 1.3% growth in the oil industry.
The GDP is forecast at a level of $56.96 billion for 2010.
Ecuador expects external financing of about $2.18 billion and internal financing of $1.9 billion in 2010.
Inflation for 2010 is forecast at 3.4%.
The government expects revenues of $13.84 billion, $8.16 billion of which should come from taxes and $3.21 billion from oil-related activities.
The government has established an average price assumption for crude oil of $65.9 per barrel, with production forecast at 178.4 million barrels.
Ecuador's central government is forecast to end 2010 with a primary deficit of 4.2% of gross domestic product and with a global deficit of 5.3% of GDP. The data include Central government as well as autonomous entities.
According to the new constitution, approved last year, the executive branch must submit a budget forecast for each four-year period, in addition to the annual budget.
So far this year, the government has been working with a referential budget of $15 billion.
The 2010 budget includes around $3 billion for oil product imports that in previous years were not included in the fiscal budgets.
The amount earmarked for salaries for 2001 is $5.84 billion.
Local analysts said the 2010 budget maintains the government's heavy public spending which is unsustainable in the long term.
As of Friday, the National Assembly has 30 days to vote on the budget proposals.
On Friday, the Assembly also received the national development plan for the 2010-2013 period.
Depending on oil prices, Ecuador plans to invest between $18.9 billion and $22.30 billion from 2010 through 2013.-By Mercedes Alvaro, Dow Jones Newswires