MEXICO CITY (Pakistan Point News / Sputnik - 14th October, 2019) Ecuadorian President Lenin Moreno pointed out the need to revise the decree on cancelling oil subsidies that sparked mass protests across the country.
The remarks were made on Sunday by Moreno after his talks with the Confederation of Indigenous Nationalities of Ecuador and the opposition. Both the confederation and the opposition wanted the president to annul the controversial decree.
"My idea is to create conditions for dialogue and renew provisions of the decree as soon as possible so that it will contribute to the development of Ecuador," Moreno said, as quoted by his press service.
The president stressed that it was necessary to discuss changes to the decree to provide those in need with oil subsidies, but not to annul the document immediately.
Mass protests erupted in Ecuador in early October as thousands rallied across the country against the government's economic reforms, particularly, the decision to end decades-long fuel subsidies for people. According to Moreno, Ecuador could no longer afford them and the cuts could help the country save some $2.27 billion a year. Additionally, the abolition of fuel subsidies was part of the Ecuadorian government's deal with the International Monetary Fund to be eligible for a $4.2 billion loan.
