Diego Borja
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Diego Borja Cornejo was born in Quito, Ecuador, on May 1, 1964.
[edit] Minister of Economy and Finance
He served as Minister of Economy and Finance of the Republic of Ecuador from December 28, 2005 to July 7, 2006.
Under his leadership, a reform of the Hydrocarbons Law (Ley de Hidrocarburos) was enacted, in order to recover for the Ecuadorian state 50% of the revenues produced by private oil companies. Before this legal reform, some private oil companies were contributing as little as 18% of their revenues to the public sector, and 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 projected fiscal surplus of 1.4% of GDP. Economic growth was also sustained, both in the oil and non-oil sectors.
Minister 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 Diego Borja denounced that a change had been made to the regulations of the Hydrocarbons Law, in order to attempt to benefit the foreign oil companies, the chief of staff (Jose Modesto Apolo) asked for Diego Borja's resignation. Subsequently, when Diego Borja denounced Mr. Apolo's role in this controversial change to the regulations, Mr. Apolo also resigned his office.
As Minister of Economy and Finance, Diego Borja 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.
Before becoming Minister of Economy and Finance, Diego Borja had held important positions in the public, private and academic sectors, including having served as Executive Director of the Flower Producers and Exporters Association (Expoflores); having been a consultant on competitiveness and productivity for several institutions; and having been a professor and lecturer at several universities. He was also elected alternate member of the Andean Parliament, and was a key adviser to Presidential candidate Freddy Ehlers. He was also President of the Catholic Student Federation (Federación de Estudiantes Universitarios Católicos del Ecuador-Quito, FEUCE-Q).
[edit] Author of books on development and competitiveness
He is author of the book Opting for the Present. New Economy for a New Country (Optar por el Presente. Nueva Economía para un Nuevo País), published in 2005; as well as studies on competitiveness and enhancing productivity in Ecuador.
He has a Master's degree from the Catholic University of Louvain; and the degree of Economist from the Catholic University of Ecuador, Pontificia Universidad Católica del Ecuador.
