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Ecuador

Yearbook 2016

Ecuador. According to countryaah, President Rafael Correa's worst corruption scandal during his ten years in power was revealed in November when it was discovered that $ 3.8 billion in bribes from state-owned oil company Petroecuador was hidden in bank accounts in Panama. Former Energy Minister Carlos Pareja Yannuzzelli, who was believed to be closely linked to the scandal, was requested to be extradited from the United States. According to Panamanian media, Vice President Jorge Glas was also involved in this. A total of twelve people were identified as involved in the taking of bribes in connection with construction projects at Petroecuador's large refinery in Esmeraldas. All in all, things were bad for the País alliance before the February 2017 elections.

2016 Ecuador

However, at the end of the year, the polls showed a slight takeover for País Alliance candidate Lenín Moreno, but the proportion of uncertain voters was greater than ever. At the same time, the economic outlook was gloomier than ever. Although the economy showed positive traits throughout Correa's ten-year holdings of the presidential office, last year was characterized by growing problems in the form of falling exchange rates and oil prices, and reduced export income and tax revenues. Total export income and foreign investment fell by 9% of GDP in 2015, and oil revenues fell by $ 1.2 billion in the first quarter of 2016.

On top of all this came the devastating earthquake on April 16 that killed nearly 700 people, injured over 6,000 and left 29,000 homeless in the northern coastal provinces of Manabí and Esmeraldas, putting extra pressure on the state budget. Partly as a result of the disaster, in the month of April / May, Correa underwent a major transformation of the government and among heads of state. Among other things, people connected to the severely affected Manabí province were appointed ministerial and executive positions responsible for the reconstruction after the disaster. In addition, several leading names in the mineral sector were exchanged, such as the Minister of Energy Pareja and the head of Petroecuador Alex Bravo, as illustrated in the famous Panama documents where several cases of illegal money laundering occurred.

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