Ecuador's Lasso proposes economic reforms to reactivate economy

Ecuador's President Guillermo Lasso speaks during the annual gathering in New York City for the 76th session of the United Nations General Assembly (UNGA) in New York, U.S., September 21, 2021. Spencer Platt/Pool via REUTERS

BOGOTA (Reuters) - Ecuadorean president Guillermo Lasso on Friday proposed new labor regulations and a tax reform targeting some $700 million in new revenue as part of a broad economic growth plan that will require approval from a skeptical legislature.

The oil exporting nation's economy has for years struggled under low crude prices, and the pandemic left 5.8 million people without permanent employment. Lasso this year renegotiated a $6.5 billion financing agreement with the International Monetary Fund in order to speed up disbursements.