Ecuador’s IMF-Backed Tax Bill Cleared as Congress Fails to Act

Tax reform seeking $1.9 billion in additional revenue is set to go into effect automatically in 2022 after Ecuador’s National Assembly proved unable to approve or reject a bill before a 30-day deadline expires Nov. 27.

Guadalupe Llori, president of the fragmented National Assembly in which President Guillermo Lasso’s conservative CREO party holds less than 10% of the 137 seats, closed the session after lawmakers rejected two drafts for the bill, as well as a motion to reject it outright.

The reform will now be implemented under fast-track rules.

“The end result delivers on the toughest part of the ...