Diego Borja
Encyclopedia
Diego Borja Cornejo is an Ecuadorian economist
and politician
. He was born in Quito, Ecuador, on May 1, 1964. He was elected member of the National Constitutional Assembly on September 30, 2007. He resigned this position to be appointed Coordination Minister for Economic Policy on December 23, 2008
, which includes the capital city of Quito
.
Before forming "Movimiento Poder Ciudadano", Borja was a national leader of "Movimiento Nuevo País" (New Country Movement), where he was an adviser to Presidential candidate Freddy Ehlers, as well as alternate representative from Ecuador to the Andean Parliament.
from December 28, 2005 to July 7, 2006. In that position he was named Governor of the Andean Development Corporation (CAF), the Inter-American Development Bank
, the International Bank for Reconstruction and Development
or World Bank
, and the International Monetary Fund
.
Under his leadership, a reform of the Hydrocarbons Law (Ley de Hidrocarburos) was enacted so the Ecuadorian state could recover 50% of the revenues produced by private oil companies. Before this action, some private oil companies were contributing as little as 18% of their revenues to the public sector while earning profits of as much as 250% per year on their investments.
During his tenure, the Minister of Energy and Mines, Iván Rodríguez, decreed the expiration (caducidad) of the contract with the Occidental Petroleum Co., which was producing 100,000 barrels per day. The expiration was due to repeated violations of the contract and the Hydrocarbons Law. Minister Diego Borja was appointed to a high-level Commission to oversee the transfer and operation of the oil fields that were previously operated by Occidental Petroleum and was instrumental in creating the administrative unit formed to operate these fields.
Other key accomplishments of his tenure were the repurchase of $740 million of high interest rate bonds (Ecuador Global 2012, paying 12% annual interest), as well as a reduction in the overall public external debt stock (both in absolute terms, and also as a percentage of GDP, which fell below the target of 30% of GDP). Inflation and unemployment also fell during this period, and a projected fiscal deficit of 0.8% of GDP was reverted to a fiscal surplus of 1.4% of GDP. Economic growth was also significant, both in the oil and non-oil sectors.
Borja organized the CEREPS oil fund, to establish priorities in public sector investment, directing these funds towards infrastructure investment, the oil and electric sectors, education, health and the environment.
When Borja denounced a change that had been made to the regulations of the Hydrocarbons Law in an attempt to benefit the foreign oil companies, the chief of staff, Jose Modesto Apolo, asked for his resignation. Subsequently Borja denounced Apolo's role in the change to the regulations, and Apolo also resigned his office.
Web site of the Movimiento Poder Ciudadano
Blog of the Movimiento Poder Ciudadano
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and politician
Politician
A politician, political leader, or political figure is an individual who is involved in influencing public policy and decision making...
. He was born in Quito, Ecuador, on May 1, 1964. He was elected member of the National Constitutional Assembly on September 30, 2007. He resigned this position to be appointed Coordination Minister for Economic Policy on December 23, 2008
Political Leader
Diego Borja is the Coordination Minister for Economic Policy of Ecuador, appointed on December 23, 2008. He is also National President of the "Movimiento Poder Ciudadano" (Citizen's Power movement). He was elected a member of the Constitutional Assembly on September 30, 2007, as a candidate of the alliance between the social-democratic "Izquierda Democrática" (Party of the Democratic Left), the Poder Ciudadano Movement, and two other democratic socialist movements, "Acuerdo Democrático" and "Nuevo Acuerdo Nacional". He was elected as the first candidate in the Province of PichinchaPichincha Province
Pichincha is a province of Ecuador located in the northern sierra region; its capital and largest city is Quito. It is bordered by Imbabura & Esmeraldas to the north, Cotopaxi & Santo Domingo de los Tsáchilas to the south, Napo & Sucumbíos to the east, and Esmeraldas & Santo Domingo de los...
, which includes the capital city of Quito
Quito
San Francisco de Quito, most often called Quito , is the capital city of Ecuador in northwestern South America. It is located in north-central Ecuador in the Guayllabamba river basin, on the eastern slopes of Pichincha, an active stratovolcano in the Andes mountains...
.
Before forming "Movimiento Poder Ciudadano", Borja was a national leader of "Movimiento Nuevo País" (New Country Movement), where he was an adviser to Presidential candidate Freddy Ehlers, as well as alternate representative from Ecuador to the Andean Parliament.
Minister of Economy and Finance
Borja served as Minister of Economy and Finance of the Republic of EcuadorEcuador
Ecuador , officially the Republic of Ecuador is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to the west. It is one of only two countries in South America, along with Chile, that do not have a border...
from December 28, 2005 to July 7, 2006. In that position he was named Governor of the Andean Development Corporation (CAF), the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...
, the International Bank for Reconstruction and Development
International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development is one of five institutions that compose the World Bank Group. The IBRD is an international organization whose original mission was to finance the reconstruction of nations devastated by World War II. Now, its mission has expanded to fight...
or World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, and the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
.
Under his leadership, a reform of the Hydrocarbons Law (Ley de Hidrocarburos) was enacted so the Ecuadorian state could recover 50% of the revenues produced by private oil companies. Before this action, some private oil companies were contributing as little as 18% of their revenues to the public sector while earning profits of as much as 250% per year on their investments.
During his tenure, the Minister of Energy and Mines, Iván Rodríguez, decreed the expiration (caducidad) of the contract with the Occidental Petroleum Co., which was producing 100,000 barrels per day. The expiration was due to repeated violations of the contract and the Hydrocarbons Law. Minister Diego Borja was appointed to a high-level Commission to oversee the transfer and operation of the oil fields that were previously operated by Occidental Petroleum and was instrumental in creating the administrative unit formed to operate these fields.
Other key accomplishments of his tenure were the repurchase of $740 million of high interest rate bonds (Ecuador Global 2012, paying 12% annual interest), as well as a reduction in the overall public external debt stock (both in absolute terms, and also as a percentage of GDP, which fell below the target of 30% of GDP). Inflation and unemployment also fell during this period, and a projected fiscal deficit of 0.8% of GDP was reverted to a fiscal surplus of 1.4% of GDP. Economic growth was also significant, both in the oil and non-oil sectors.
Borja organized the CEREPS oil fund, to establish priorities in public sector investment, directing these funds towards infrastructure investment, the oil and electric sectors, education, health and the environment.
When Borja denounced a change that had been made to the regulations of the Hydrocarbons Law in an attempt to benefit the foreign oil companies, the chief of staff, Jose Modesto Apolo, asked for his resignation. Subsequently Borja denounced Apolo's role in the change to the regulations, and Apolo also resigned his office.
Professional accomplishments
Borja earned a Master's degree from the Catholic University of Louvain and an Economic degree from the Catholic University of Ecuador, Pontificia Universidad Católica del Ecuador, and was a professor and lecturer at several universities. Before becoming Minister of Economy and Finance, Borja held several positions in the public, private, and academic sectors. He served as Executive Director of the Flower Producers and Exporters Association (Expoflores); President of the Catholic Student Federation (Federación de Estudiantes Universitarios Católicos del Ecuador-Quito, FEUCE-Q); consultant on competitiveness and productivity for several institutions. He is author of Opting for the Present. New Economy for a New Country (Optar por el Presente. Nueva Economía para un Nuevo País) (2005), as well as of studies on competitiveness and enhancing productivity in Ecuador.Related links
Official websiteWeb site of the Movimiento Poder Ciudadano
Blog of the Movimiento Poder Ciudadano