Ecuador’s President Lenin Moreno agreed to swap a law that ended decades-old fuel subsidies for new legislation that will direct more resources to the needy, part of a deal he struck on Sunday with protest leaders to end a spate of violence that has roiled the Andean nation.
The announcement followed the first meeting between Moreno and indigenous leaders who have brought thousands of demonstrators to the streets of the capital Quito to demand he reinstate the subsidies.
For more than a week, Moreno had refused, defending the subsidy cuts as key to efforts to clean up Ecuador’s finances after signing a $4.2 billion loan deal with the International Monetary Fund.
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