International

Ecuador declares state of emergency in three provinces amid Indigenous protests

AFP

Ecuador’s President Guillermo Lasso declared a state of emergency in three provinces late Friday in response to sometimes violent protests by Indigenous people demanding cuts in fuel prices.

“I am committed to defending our capital and our country,” Lasso said on television. One of the three provinces includes the capital Quito.

The decree enables the president to call out the armed forces to maintain order, suspend civil rights and declare curfews.

Indigenous people, who make up over a million of Ecuador’s 17.7 million inhabitants, launched an open-ended anti-government protest Monday that has since been joined by students, workers and other supporters.

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They have blocked roads across the country including highways leading into Quito.

Clashes with security forces during the protests have left at least 43 people injured and 37 have been arrested.

To ease grassroots anger, Lasso also announced in his address late Friday a small increase in a monthly subsidy paid to Ecuador’s poorest, as well as a program to ease the debt of those who have loans from state-run banks.

Oil producer Ecuador has been hit by rising inflation, unemployment and poverty exacerbated by the coronavirus pandemic.

Lasso, a rightwing ex-banker who took office a year ago, had met Thursday with Indigenous leaders to assuage discontent but the discussions apparently yielded nothing.

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The powerful Confederation of Indigenous Nationalities of Ecuador (Conaie), which called for the protests, has said it would maintain the blockades until the government meets a list of 10 demands.

Fuel prices in Ecuador have risen sharply since 2020, almost doubling for diesel from $1 to $1.90 per gallon (3.8 liters) and rising from $1.75 to $2.55 for petrol.

Conaie — which has been credited with helping topple three Ecuadoran presidents between 1997 and 2005 — wants the price reduced to $1.50 for diesel and $2.10 for petrol, a demand the government has so far rejected.

Its other demands include food price controls and renegotiating the personal bank loans of some four million families.

Producers of flowers, one of Ecuador’s main exports, complained Friday that due to the roadblocks, their wares were rotting.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.