Ecuador agrees with the IMF in part

Image: Expreso

The government has remained distant and critical to the International Monetary Fund (IMF) and has even denied a possible agreement to have access to credits. But some of the measures taken to address the reduction of liquidity coincide with traditional suggestions, and repeatedly said by the multilateral organization.

The State Budget for 2016 shows it. Among the ten observations of the Fund, issued in October, it is suggested to reform the subsidy plan. Comparing figures, the amount goes from 5.966 million in 2015 to 3193.6 million next year. A fall of 2.773 million dollars.

Patricio Rivera, Coordinating Minister for Economic Policy, said that the targeting of subsidies will continue in 2016. There is a proposal to reduce the electricity subsidy by at least $ 120 million.

The government will also gradually eliminate safeguards, something the IMF and the World Trade Organization have publicly suggested. In January the elimination of surcharges will begin.

Translated into English by Pierina Abad
Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8715040&idcat=38269&tipo=2