Ecuador’s economy minister Aug. 14 announced a 29 percent proposed reduction in debt payments for 2008 compared to this year. Ecuador will allot USD 1.94 billion for public debt payments, down from USD 2.74 billion in 2007, Fausto Ortiz said while unveiling the government’s USD 10.5 billion budget proposal for 2008 in a news conference.The reduced level “confirms the government’s decision to re-profile its obligations and progressively cut the weight (of debt servicing),” Ortiz said. (IHT)

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