EVALUACIÓN FINANCIERA DEL FEIREP (FONDO DE ESTABILIZACIÓN, INVERSIÓN SOCIAL Y PRODUCTIVA Y REDUCCIÓN DEL ENDEUDAMIENTO PÚBLICO) Y SU INCIDENCIA EN LA ECONOMIA ECUATORIANA. PERIODO 2003-2005

Abstract

The present Investigation was directed to the Financial Evaluation of the FEIREP (Fund of Stabilization, Social and Productive Investment and Reduction of the Public Indebtedness) and its incidence in the Ecuadorian Economy, taking like reference the period understood among the years 2.003 - 2.005. Where he/she settled down that this bottom was created October of the year 3 2002 in quality of Trusteeship in charge of the Central Bank, the same one that would be outside of the General Budget of State, thanks to the surpluses in the Price of the Barrel of the not Budgotten Petroleum in the last years. Initially it was distributed in the following way, 70% for repurchase of the Public Debt: External and Internal to value of Market and the Cancellation of the Debt with the Ecuadorian Institute of Social security (IESS), 20% dedicated to stabilize the Oil Revenues, until reaching 25% of the GDP, index that will stay in a permanent way; and to cover the costs caused by catastrophe and to assist legally declared emergencies according to the article 180 of the Political Constitution of the Republic and 10% for the Education and Health that it will allow to promote the Human Development. At the beginning of the month of May of the year 2.005, the Central government sent to the National Congress the Reformations to the FEIREP with the idea of being able to reduce the amount that were dedicated to the repurchase of the Foreign Debt, so that a bigger percentage is invested in works and Projects of Social Interest that concern to be able to improve the Development of the Nation. June 15 th of the year 2.005 the National Congress approved the reformations to the FEIREP, a special bill that is part of the General Budget of the State, the same one that denominated CEREPS becomes becoming at the moment (Bill of Productive and Social Reactivation of the Scientific Development and of the Fiscal Stabilization), with a new distribution, dedicating 35% for Lines of Credit, 20% for the Stabilization of Oil Revenues, 5% for Environmental Repair, 5% for improvement and Maintenance of the roads Net, 5% for the Scientific Investigation and 30% for project of Social Investment. During of FEIREP existence it get $ 1.078`414.866,16 wich it was destined $ 754´890.406,20 to the purchose of the public debit $ 215´682.973,32 to the oil enterprise estabilization and $ 107´841.486,70 destined to health and education it means that influence in favourable way in the ecuadorian economy that it contribuye in de reduction of the external debit and improvement of the neighbourn hood . With the reformations to the FEIREP, approved in June of the year 2005, denominated today CEREPS, is allowed to supplement the economic growth with projects of social and productive development, at the same time, the oil saving was reoriented, before almost exclusively dedicated to the payment of the public debt