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LatinNews Regional Monitor: Andean Group - 22 November 2019
ECUADOR: Renewed tensions break out
Ecuador’s President Lenín Moreno suffered a serious setback on 17 November when opposition parties in the national assembly from across the political spectrum united to reject and then archive an economic package which his government had hoped would raise some US$700m. The country risk index soared on concern that the government would be unable to raise the additional revenue to reduce the fiscal deficit and comply with commitments undertaken with the International Monetary Fund (IMF). Two cabinet ministers openly criticised self-serving legislators and suggested that Moreno might opt to bring forward elections from 2021 to break the impasse. Although this suggestion was shot down by Moreno’s press secretary, he will hope it serves to concentrate the minds of deputies as they prepare to vote on a reconfigured economic package his government tabled on 20 November.
