Moreno announces deep economic cuts and reforms for Ecuador

After warnings earlier in the week from Ecuador’s Vice President Otto Sonnenholzner that citizens needed to prepare for harsh economic times, in a national address on Tuesday, President Lenín Moreno informed the population of new economic measures that would be going into force almost immediately. He began by noting that there will not be a raise in the “added tax value added” (VAT) from its current rate of 12%. He followed this with saying, “Those who we are going to ask for an additional effort from, are those who have the most,” and then communicated that those companies with incomes…

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