Quito erupted in joy after the country’s government reached an accord with indigenous leaders to withdraw a decree that would restore fuel subsidies in the Ecuadorian capital on Sunday.
The talks, which were broadcast live on state television, came amid a wave of violent protests over the introduction of an austerity package, known as Decree 883, that included the elimination of fuel subsidies.
One Quito resident noted, “We are now happy,” adding that “this is a defeat [for them] thanks to the president who listened to us, the Ecuadorians.”
The new economic measure was introduced by Ecuadorian President Lenin Moreno to satisfy a $4.2 billion (€3.8 billion) lending requirement of the International Monetary Fund (IMF).
The two sides will reportedly start talks to draft a new package of economic measures in a bid to reduce the country’s deficits and strengthen its fiscal position.