By the Blouin News Politics staff

After destructive quake, Ecuador desperate for funding

by in Americas.

Portoviejo, Ecuador after the earthquake. (Source: Jeff Darío Yaguall/flickr)

Portoviejo, Ecuador after the earthquake. (Source: Jeff Darío Yaguall/flickr)

In the wake of a devastating earthquake, Ecuador is resorting to all means necessary to rebuild. The 7.8 magnitude quake struck on Saturday, and by Wednesday at least 570 were confirmed dead, another 155 remained missing, and 7,015 were injured, according to Ecuador’s Risk Management Office. Almost 25,000 people remain in shelters, and distributing supplies to survivors is challenging and slow due to crippled roads and infrastructure. On Wednesday evening President Rafael Correa said that recovery will be long and costly, and he announced a host of new measures to raise funds.

The national sales tax will rise from 12% to 14% for a year. Furthermore, citizens will face a one-time tax on their assets, with a much higher rate (0.9%) on those whose total wealth is $1 million or more. For the rest of the population, workers earning over $1,000 a month will be forced to contribute a day’s wages and those earning $5,000 a month must give the equivalent of five days’ pay. Correa also mentioned selling certain state assets…

…the rest of this article lives on Blouin News. Read it here.