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LatinNews Daily - 18 March 2020

In brief: Ecuador seeks to relieve economic burden

* Ecuador’s President Lenín Moreno has announced a set of measures to relieve economic pressures on residents, in the wake of the country’s recent financial struggles, and the coronavirus (Covid-19) pandemic. These measures included a three-month suspension of social security payments for self-employed and informal workers; a three-month deferral of income tax for the tourism and export sectors; the restructuring of mortgage loans from the state social security bank (Biess); and the offer of contingency credit for businesses affected by measures taken against Covid-19. These policies stand in stark contrast to Moreno’s stated objective of reducing the fiscal deficit, and are likely a reaction to the hostile reception of his 10 March announcement of an emergency economic austerity package.

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