By World Bank
ISBN-10: 0821362569
ISBN-13: 9780821362563
ISBN-10: 0821362577
ISBN-13: 9780821362570
Ecuador?¦s notable financial functionality of 2003 is encouraging, yet fragile. a number of structural bottlenecks may possibly hamper economic self-discipline and restoration, that is a pre-condition to advance a poverty aid schedule. Tax earmarkings and exemptions and an expansive payroll and pensions invoice have diminished to a minimal the on hand economic house for improvement wishes. Reversing poverty traits is necessary for the country?¦s balance, and this may in simple terms be completed with well-targeted, powerful and effective pro-poor courses. the established order isn't really an alternative for poverty relief. holding a valid economic place and deepening optimistic social results is easily within sight. one of the country?¦s many strengths are: a chronic oil providence; the lifestyles of and compliance with monetary principles; lowering arrears that are meant to absolutely disappear in 2004, major growth on social results regardless of reducing budgets; and a sequence of on-going reforms on funds administration. If reforms are to be triumphant, they need to be pro-poor. Ecuador?¦s monetary tension and negative finances administration is deeply rooted in a governance method reaping rewards the elites, be it mirrored on pro-rich subsidies, specifically on uncomplicated infrastructure; off-budget operations that hinder transparency and foster corruption, or regressive transfers to subnational governments defined through get together politics. The problem for the govt. is to supply more desirable, effective, sustainable and equitable information to the negative.
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Extra resources for Creating Fiscal Space for Poverty Reduction in Ecuador: A Fiscal Management and Public Expenditure Review (World Bank Country Study)
Sample text
The narrative about the 1990s draws on de la Torre and others (2001); Beckerman (2003); Jácome (2004); IMF (2000); and Izquierdo (2002). 6. The three Ecuador-specific shocks were: (a) the war with Peru in early 1995; (b) a prolonged drought that caused a major energy crisis; and (c) the forced resignation of Vice President Dahik, who was considered by market participants at home and abroad as the economic reform leader par excellence in the Durán Ballén administration. 5 billion, equivalent to 20 percent of 1998 GDP, or 56 percent of that year’s credit to the private sector.
This erosion of net worth is equivalent to having Ecuador financing its excess consumption through the depletion of a single resource. Moreover, the problem is not only that oil wealth was not invested. It was even worse than that: oil wealth was also used as collateral for a large debt buildup. External indebtedness was the road to financing a long succession of fiscal deficits since 1975. Thus external debt doubled between 1970 and 1975, then increased ninefold from 1975 through 1980. 7. This discussion draws heavily upon Calvo (1999); IMF (2000); Berg and Borenzstein (2001); and Antinolfi and Keister (2001).
Tic shock. In addition, the Government could create fiscal space for increased pro-poor spending, especially in the education, health, and social protection sectors, by: (a) revising the current allocations of social expenditure and programs through the development of a competitive-based fund; and (b) making better use of the available targeting instruments, like SELBEN, to unify criteria and consolidate programs. Notice however, that whatever solutions are adopted, they will have to be accomplished within the annual fiscal ceiling mandated by the FRSTL.
Creating Fiscal Space for Poverty Reduction in Ecuador: A Fiscal Management and Public Expenditure Review (World Bank Country Study) by World Bank
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