Ecuador gets new Minister of Finance amid broader reshuffle

Ecuador's President Rafael Correa named Patricio Rivera as the new Minister of Finance on Saturday, to replace Fausto Herrera, who stepped down for health reasons this week.

Rivera has already been Minister of Finance and recently made a name as Ecuador's coordinating minister of economic policy.

Correa hailed Herrera's contributions, calling him a "historic minister."

"He was the longest-lasting minister, almost four years, but had to step down for health reasons," said Correa at a press conference, adding his gratitude for the "extraordinary" work carried out by the former minister.

"He made the right choice, and I support him completely, to take some time off after years of intense work and especially hard recent months. However... we have come out largely ahead due to Fausto Herrera's ability and leadership," said the president.

As finance minister since May 2013, Herrera saw the country through multiple economic shocks, including the rise in value of the U.S. dollar, the devaluation of currencies from neighboring countries and the drop in the price of oil, Ecuador's main export.

In the rest of the economic reshuffle, the job of coordinating minister of economic policy will be taken over by the governor of the central bank, Diego Martinez, who will himself be replaced by Madelaine Abarca, until now the deputy minister of finance.

"The same economic team remains in place," concluded Correa.

source: Xinhua