Ecuador’s Moreno says will repeal fuel subsidy cuts in coming hours

Ecuador’s Moreno says will repeal fuel subsidy cuts in coming hours




People gesture from a truck in front of the National Assembly building, in the aftermath of the last days’ protests, after the government of Ecuadorian President Lenin Moreno agreed to repeal a decree that ended fuel subsidies, in Quito, Ecuador October 14, 2019. REUTERS/Henry Romero

QUITO (Reuters) – Ecuadorean President Lenin Moreno said on Monday that he will repeal a decree that slashed IMF-backed fuel subsidies “in coming hours,” confirming that he had given into a key demand of protesters who had spent nearly two weeks agitating for its annulment.

Moreno added that a new decree would be issued to ensure that resources go to those who most need it, though he did not specify when. “We have opted for peace,” Moreno said on Twitter.

The comment follows a deal struck with indigenous protest leaders late on Sunday that ended demonstrations that had rocked the highland capital of Quito.




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