Ecuador's Correa names new oil, finance ministers

Wed May 8, 2013 9:24pm EDT
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* Correa won re-election in February with 57 percent of vote

* New cabinet not expected to herald policy changes

QUITO May 8 (Reuters) - Ecuadorean President Rafael appointed a new oil minister and a new finance minister on Wednesday, as the socialist leader unveiled a new cabinet for his third term in office.

Correa, a member of an alliance of left-wing Latin American presidents, won re-election in February with about 57 percent of the vote. His inauguration ceremony is scheduled for May 24.

"We have to be very critical with ourselves and revolutionize the revolution," said Correa at the presidential palace, as he encouraged his new cabinet to deepen the socialist policies that his government has been implementing since he first took office in 2007.

Oil Minister Wilson Pastor has been replaced by Pedro Merizalde, head of the Pacifico refinery project.

Correa named Fausto Herrera as finance minister, replacing Patricio Rivera, who has been appointed minister for economic policy, and will oversee the work of the finance ministry, the central bank and the tax office.

Herrera has served as deputy finance minister since October 2012, and was in charge of securing financing for state spending and administering the national budget.

Correa named nine new ministers in total, including those responsible for culture, Production and education. Some of the cabinet changes had already been announced by a high-ranking government official on April 30.   Continued...