The Minister of Economy and Finance Juan Carlos Vega Malo assured that the first calculation came to the conclusion that the effect due to the closure of the ITT field in 2024 would be 500 million dollars. At the same time, they analyze the management of compensatory measures from an ecological point of view.

This was explained by the official who appeared before the media in the first interview on various topics. The idea would be to get some kind of compensation from the world through themed bonds, because Ecuador decided to leave several million barrels of crude oil on the ground.

It is about the fact that according to the statement of the citizens who voted on August 20 at the public consultation to leave the crude oil from block ITT (43) in the field, production should be closed on August 31, 2024. Dismantling the existing infrastructure could cost billions more.

In addition, the minister said that he had spoken with the Minister of Energy, Andrea Arrobo, so that private investment could be generated from the mature fields and thus seek greater oil production by 2024.

In the meantime, Minister Vega Malo assured that among the measures they are analyzing will be the revision of fuel subsidies. “They are analyzing it “in great detail” and this would be done by looking for ways not to affect those most in need.” He explained that they are doing appropriate analyzes so that they can later present this issue as a policy to the President of the Republic, Daniel Noboa, since this issue is fundamental.

The statements came in the middle of a meeting where the minister also spoke about the tax law, which is currently being treated as an option for increasing the state’s liquidity. He explained that while the bill represents a sacrifice of approximately $200 million due to tax cut issues, the amnesty will provide them with a temporary revenue boost. Furthermore, the incentives provided by the law would eventually attract new investments that would generate economic growth.

When asked about the attitude of the parliamentarians who extended the umbrella of amnesty to all taxes from the Tax Administration (DPU) and others from other state entities, the minister said that the parliamentarians treated the law very responsibly and assured that before the decision of the Assembly was to enter into transitional which establishes that the political sector of the country will not be able to benefit from this amnesty. This would end all speculations about a possible conflict of interest regarding the debt of Exportador Bananera Nobo, who is connected to the family of President Daniel Nobo.