Ecuador’s National Assembly on Sunday rejected a package of tax and monetary reforms proposed by President Lenin Moreno, a new setback in his efforts to reduce the country’s burdensome fiscal deficit.
The reforms stemmed from a loan agreement the government reached in February with the International Monetary Fund (IMF) for about $4.2 billion.
“With 70 affirmative votes, the National Assembly plenary decides to deny and archive the economic growth bill,” the legislature said on Twitter.
The government’s bill aimed to improve tax collection through the increase of some taxes and a special contribution for companies with revenues of more than $1 million annually.
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