Ecuador has a new finance minister after the unexpected resignation of Wilma Salgado.
President Rafael Correa criticized Salgado Tuesday, accusing her of blocking his efforts to boost government spending on roads, hydroelectric and oil projects during her 10 weeks in office.
Correa said a "mafia" has run the finance ministry, "demonizing" public spending in order to use Ecuador's cash to service its foreign debt.
Ecuador has US$6 billion in foreign currency reserves, and Correa wants new finance minister Maria Elsa Viteri to tap that cash to triple public spending to US$300 million a month.
Viteri is Ecuador's fourth finance minister since Correa took office 20 months ago.
Source: AP News
