Ecuadorean President Lenin Moreno is expected to announce a new economic plan which will include tax regulations and labor flexibilization, according to the country's Productive and Tax Council.
Moreno has until Wednesday to announce the economic reforms based on proposals he received from a group of businessmen in the country.
The main proposals include fewer taxes for companies and less restrictions on labor issues, such as work hours and social security for workers. Another proposal would eliminate taxes on large money transactions and taxes for imports which were created to protect local production in Ecuador. Meanwhile, Labor Ministry Raul Ledesma said about 15,000 job positions will be cut in the public sector.
The council discussed eliminating the law against land speculation but stated that will be presented in the upcoming plebiscite proposed by Moreno.
Vice President Jorge Glas used to preside over the body and claims that wealthy businesspeople sought to remove him from his position since he was an obstacle to promoting neoliberal measures that would affect the majority of people.