(Last Updated On: October 18, 2019)

QUITO, Ecuador (AP) — Ecuadorian President Lenín Moreno is proposing new economic reforms to help stabilize the nation’s finances following recent political upheaval.

The president announced Friday that his new plan will call on those, “who have more to pay more.”

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If approved, he said high-earning businesses will have to make a new contribution that would generate $532 million over three years.

New taxes would also be enforced on items like plastic bags.

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Moreno said he is not proposing any increase to the nation’s value-added tax, a measure that would have likely been controversial.

The South American nation was engulfed in nearly two weeks of deadly protests after Moreno decided to eliminate a longstanding fuel subsidy.

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Ecuador is expected to institute austerity measures as part of an International Monetary Fund package.

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