October 18, 2019 / 10:44 PM / 2 months ago

IMF awaits new fuel decree to revise Ecuador lending program: official

FILE PHOTO: A demonstrator runs while holding an Ecuadorian flag during a protest against Ecuador's President Lenin Moreno's austerity measures in Quito, Ecuador October 12, 2019. REUTERS/Ivan Alvarado

WASHINGTON (Reuters) - The International Monetary Fund on Friday said it is awaiting the Ecuadorian government’s next move regarding fuel subsidies to continue the revision of its lending program for the South American country.

On Monday, after days of violent protests and in a major win for Ecuador’s indigenous peoples, President Lenin Moreno abandoned an IMF-backed measure to end decades-old fuel subsidies aimed at getting the country’s finances in check.

“We are waiting for the new decree that the government will publish regarding its policies associated with the price of fuels,” said Alejandro Werner, director of the IMF’s Western Hemisphere department.

Werner, speaking at a press conference during the IMF and World Bank fall meetings in Washington, said the Fund is waiting to make the evaluation of a final package of policies.

The review will then be concluded “in case our interaction with the Ecuadorian government is positive,” he said.

Reporting by Rodrigo Campos; additional reporting by Alexandra Valencia and Gabriel Stargardter in Quito; Editing by Paul Simao

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