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Economy & Business - July 2022

ECUADOR: Lasso forced into U-turns on subsidies, oil and mining

President Guillermo Lasso’s administration reached an agreement on 30 June with the Confederación de Nacionalidades Indígenas del Ecuador (Conaie), Ecuador’s umbrella indigenous organisation which for 18 days had caused major disruption with a wave of protests against the cost of living and the government’s environmental policy. The unrest generated economic losses of over US$1bn, according to a preliminary estimate by the ministry for production, foreign trade and investment. Lasso made some major concessions, with implications for public spending and his wider market liberalisation agenda. He also revoked an oil decree and modified a mining decree, which may impede his goal of attracting investment in these sectors.

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