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Weekly Report - 20 June 2024 (WR-24-24)
ECUADOR: Noboa grasps the nettle and slashes fuel subsidies
Fuel subsidies have been the bane of Ecuadorean governments since 1974, straining the country’s precarious public finances and triggering major unrest when attempts have been made to cut them. President Daniel Noboa’s government announced the latest plan on 18 June to scale back the subsidies, partly due to the exigencies of the International Monetary Fund (IMF). The government may succeed in avoiding serious protests through its plan to placate the transport sector by maintaining subsidies for diesel, although this will limit the fiscal benefits of the cuts.
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