While governments elsewhere are loosening the purse strings, Ecuador has to cut public spending just when it is most painful to do so
of the covid-19 pandemic in Latin America in March and April, Ecuador offered the world Dantesque images of dead bodies dumped in the streets of Guayaquil, a tropical port that is the country’s largest city. The outbreak has eased, but it is not over. After the government relaxed its lockdown last month cases picked up, especially in Quito, the capital. That is happening elsewhere in the region, too. But Ecuador faces additional difficulties.
Mr Correa ruled during a commodity boom. He used windfall oil revenue to double the size of the state. Although some of the money was invested in infrastructure, much went on expanding public employment and much was simply wasted or stolen. Despite the spending splurge, in proportion to the population Ecuador scores barely above the Latin American average in number of doctors and below it for hospital beds.
Unpopular reforms are all the harder because a general election is due in February. But they are vital. Augusto de la Torre, a former Central Bank president, notes that “dollarisation is the most popular institution in my country—more popular than the church or the army.” But, he adds, “the country is learning the hard way that dollarisation means that we can’t print money.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kate Garraway asks Myles Stephenson to be 'big brother' as Derek fights for lifeDerek, 52, was put into a coma by doctors in March after being rushed to intensive care battling coronavirus
Read more »
Why surviving the virus may be just the beginningFor many survivors, waking up in intensive care was only the beginning of a long process of physical and psychological recovery. covid19
Read more »
21 Hair Products To Help Keep Your Curls Poppin' Throughout The SummerFrom leave-ins to serums, these products will help your curls thrive during the summer heat.
Read more »
The Very Blurry Line Between Skin-Care & Self-CareCan a serum or moisturizer meaningfully contribute to self-worth as much as beauty brands want you to believe?
Read more »
At least 20 dead as floods sweep away houses in south JapanAt least 20 people are dead after large areas along the Kuma River in Japan were swallowed by floodwaters, causing mudslides and many buildings to be submerged almost up to their roofs.
Read more »
Emily Ratajkowski Has a Message for Everyone Who Doesn't Like Her New Blonde HairShe doesn't care if you prefer her as a brunette.
Read more »