Lasso from Ecuador proposes economic reforms to revive the economy


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Ecuadorian president Guillermo Lasso speaks at the annual New York rally for the 76th session of the United Nations General Assembly (UNGA) in New York, United States 21 September 2021. Spencer Platt / Pool via REUTERS

BOGOTA Bogota, September. 24 (Reuters) — Ecuadorian president Guillermo Lasso on Friday proposed new labor regulations as well as tax reform that would generate 700 million dollars of new income in an ambitious economic growth strategy that requires the approval from a skeptical legislature.

The oil exporting nation has been suffering for years due to low prices for crude oil and the pandemic has caused 5.8 million people without permanent employment. Lasso this year has renegotiated an agreement worth $ 6.5 billion loan agreement in conjunction with International Monetary Fund to speed the distributions.

Tax and labor reforms are required to be passed through lawmakers in the National Assembly, where Lasso’s party doesn’t have the majority. Lawmakers have already asked to the Lasso administration to propose amendments to the budget proposal for 2021.

“The plan I am presenting to you today is of an urgent economic nature , and is not able to be put off,” Lasso said when the “Creating opportunities” plan was presented to the legislators. “What we’re presenting to you is sensible.”

The new regulations for labor would be aimed at boosting teleworking, and permit working hours to be allocated in different ways, based on the plans. Unions have complained about how the changes could violate workers rights that Lasso claims that it is not the case.

The proposal aims to increase tax exemptions for people with incomes of more than $ 24,000 annually, which Lasso claimed will be affecting 3.5 percent of the population who are economically active. Additionally, it would create the possibility of a tax that is two years old for those who have more than $500,000 in assets as well as one-time taxes for companies that have more than one million assets that earned profit in 2020.

The reporting is done by Alexandra Valencia Writing by Brian Ellsworth editing by Sam Holmes

The Standards we use: Thomson Reuters Trust Principles.


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