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Ecuadorean Gov’t to announce end of subsidies next week

Quito, Jun 14 (Prensa Latina) Ecuador's Secretary of Public Administration, Arturo Felix Wong, announced Friday that the plan to eliminate fuel subsidies will be announced next week, despite rejection of various social organizations.

The official said in an interview with the state-run EcuadorTV channel that the goal is not to impose the measure, but rather to socialize how it will be applied.

The Confederation of Indigenous Nationalities of Ecuador (CONAIE) reiterated on Friday its repudiation of what it described as a “new package” of President Daniel Noboa.

Deputy Finance Minister Daniel Falconi explained on the radio program “A Primera Hora,” that the mechanism could be rolled out in July 2024. The date has not been set though.

It was expected that the Ministry of Economy and Finance would disclose details of its plan to “stabilize” low octane gasoline prices.

The ministry announced that it would give compensation to transporters of between 11 and 33 dollars a month, although in previous talks, it had offered between 45 and 90 dollars.

The goal of the Executive, as acknowledged Friday by Secretary Wong, is to bring the selling price of gasoline in line with international values, with which the ExtraSUBISIDIES and Ecopais, which currently cost 2.46 dollars per gallon, will rise between 25 and 30 cents.

The Government plans to save US$620 million per year in this way, Wong said noting that these funds will be redistributed in social aid.