QUITO, Ecuador, June 2 (UPI) -- Ecuador's government said it will cost at least $3.3 billion to reconstruct after the devastating earthquake in April that killed at least 663 people.
Ecuador's National Planning and Development Secretariat Sandra Naranjo said the funds will be raised from international entities, the private sector and the public, El Universo reports. The estimated cost includes the value of assets that need to be rebuilt, the value of goods that were not produced, the value of services not provided and expenses made during emergency and recovery phases after the 7.8-magnitude earthquake.
"The estimated cost to the country is $3.344 billion," Naranjo said Wednesday. "Sixty-seven percent of that cost, $2.253 billion, will be assumed by the public sector and 33 percent, $1.091 billion), will be a private sector expense."
Measures to raise funds include raising Ecuador's value-added tax from 12 to 14 percent for one year. The tax was raised on Wednesday.