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LatinNews Daily - 03 April 2018

In brief: Ecuador

Ecuador: Ecuador’s President Lenín Moreno has announced a new stabilisation plan for economic development. Announced on 2 April during Moreno's weekly presidential broadcast the new programme is designed to combat the country’s rising debt with 14 new economic austerity measures. The measures focus on four key points: improving stability in the economy, optimising state operations, balancing payments in the external sector, and reactivating production. Moreno predicted that the measures would reduce the fiscal deficit from 5.64% in 2018 to 2.47% by 2021. By stopping fraud and revising policies for taxes on businesses, the plan aims to raise US$1.6bn in 2018 and US$1.3bn per year in the following years. The measures will also reduce government spending by US$1bn in the first year. President Moreno insisted that the plan – which will be sent to the national legislature for ratification over the next few days - would not raise taxes, especially not for lower-income households.

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