Ecuador sees 2010 economic growth at 6.81 percent

Ecuador's government is forecasting 2010 economic growth at 6.81 percent with inflation at 3.4 percent for the year, according to a budget proposal presented to the National Assembly on Friday. The budget proposal sees the average price for crude oil at $65.9 per barrel and shows the Opec nation's total oil production at 178.4 million barrels and petroleum exports at 121.6 million barrels for next year.
Representatives in the legislature must vote on the budget plan within 30 days. Ecuador expects its external borrowing to reach $2.18 billion next year, according to the government's $21.28 billion 2010 budget proposal. The budget plan projects public debt amortisations of $996 million next year. The Andean country lightened its debt load in 2008 by defaulting on $3.2 billion in global bonds. President Rafael Correa said the debt was riddled with irregularities, rendering it "illegitimate".