October 14, 2019 / 5:10 PM / a month ago

CORRECTED-Ecuador's Moreno says will repeal fuel subsidy cuts in coming hours

(Corrects first paragraph to make clear the decree and not the subsidies were backed by the IMF)

QUITO, Oct 14 (Reuters) - Ecuadorean President Lenin Moreno said on Monday that he will repeal an IMF-backed decree that slashed 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 anullment.

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.

Reporting By Mitra Taj

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