Ecuador‘s President Lenin Moreno unveiled an emergency economic plan Friday aimed at rescuing the South American nation hard hit by the new coronavirus and then dealt a second blow when two large pipelines broke, halting critical crude exports.
Moreno in a nationwide broadcast urged the nation to come together, saying that Ecuador’s massive foreign debt he inherited from past governments will have to be renegotiated, while large businesses earnings over $1 million annually will have to contribute five per cent of their profits.
Drastic measures will also require residents who earn more than $500 monthly to pitch in, he said. “This economic emergency is unprecedented in the recent history of this country,” Moreno said.