Ecuador's President Names New Oil, Finance Ministers

Ecuadorean President Rafael Correa speaking to the masses in this South American state. Correa said that he would not attend the Summit of the Americas due to the exclusion of Cuba., a photo by Pan-African News Wire File Photos on Flickr.

Ecuador's president names new oil, finance ministers

Thu May 9, 2013 9:1PM GMT
presstv.ir

Ecuadorean President Rafael Correa has appointed a new oil minister and a new finance minister, as the socialist leader unveils a new cabinet for his third term in office.

"We have to be very critical with ourselves and revolutionize the revolution," said Correa at the presidential palace on Wednesday, as he encouraged his new cabinet to deepen the socialist policies that his government has been implementing since he first took office in 2007.

Oil Minister Wilson Pastor has been replaced by Pedro Merizalde, head of the Pacifico refinery project.

Correa named Fausto Herrera as finance minister, replacing Patricio Rivera, who has been appointed minister for economic policy, and will oversee the work of the finance ministry, the central bank and the tax office.

The new cabinet is not expected to usher in policy changes, because most of the new ministers already work for the government or are members of the ruling Alianza Pais party.

Correa, a member of an alliance of left-wing Latin American presidents, won re-election in February with about 57 percent of the vote. His inauguration ceremony is scheduled for May 24.

The president has won broad support from the country's low-income majority with heavy spending on welfare, health, education and infrastructure projects.

Fifty-year-old Correa is expected to continue spending heavily on the poor and implementing policies to give the state more control over the economy.

The smallest member of OPEC hopes to attract around $1 billion in investments for 16 oil blocks in its Amazon region, even though indigenous groups oppose oil exploration on their lands.

Ecuador is also negotiating a contract that would allow Canada's Kinross to develop a $1.2 billion gold-mining project.