IMF and WTO will analyze Ecuadorian global safeguards proposal

The International Monetary Fund (IMF) and the World Trade Organization (WTO), should analyze the proposed global safeguards on which the Ecuadorian government is working in order to balance the balance of payments.

On the issue, the Minister of Industries, Ramiro Gonzalez, said yesterday that on Monday or Tuesday would be ready, because the technical teams are working on the issue.

However, he said the process will be, firstly, to deliver the item to Monetary Fund, entity shall certify, in three day period, that Ecuador has a balance of payments problem.

The report then happen to the WTO, which must indicate that the measure is not permitted altering indexes.

On the effective date of the measure that would tax with tariffs on 20% of items, said countries often apply them when they see necessary, but in any case Ecuador will comply with these previous steps.