Ecuador Plans to Cut Food Prices

Ecuador will also adopt measures to favor agricultural production.

Quito, Jun 9 (PL) - The Ecuadorian government began implementing the "Socio Tienda" program in 20,000 food shops, with offers at low prices to face the high cost of foods.

Those centers are offering basic products from another plan known as "Socio Solidario," which the population can access at local grocery stores.

With that initiative, the authorities intend to extend the service to 65,000 small centers in popular areas.

Apart from putting low-priced products on the market, Socio Tienda offers credits to community grocery stores with a 7.5 percent annual interest, Social Development Minister Nathalie Cely highlighted recently.

Among the products included in the plan are powdered milk, canned tuna, cooking oil, rice, chicken, lentils, with others to be included soon, she noted.

She stressed the Executive aims to mitigate the impact of the high cost of foods in the country, generated by the world food crisis.

Amid this situation, president Rafael Correa has encouraged the population to buy products at the popular fairs in many neighbourhoods nationwide, and at other centers with offers from the "Socio Solidario" program.

He stated his government will adopt measures to favor agricultural production, and announced generalized subsidies for the sector, and tax exemption to motivate farmers.