Minister Takes Fall For Trade Drade

ECUADOR - Report 02 Mar 2015 by Magdalena Barreiro

Executive Summary

Minister of Industries Francisco Rivadeneira was fired on February 19th, apparently over a dramatic tariff hike on Colombian and Peruvian imports, a move quickly rescinded in the Colombian case, and being reconsidered for Peru. Falling oil prices, combined with dollar appreciation and a weaker global commodity market, have put heavy pressure on the balance of payments. This has been exacerbated by the government’s limited capacity to respond, absent an exchange rate policy, high public spending needs, and anemic FDI. So Ecuador imposed additional ad-valorem ta...

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