Bolivian President Evo Morales has reversed a measure that was expected raise fuel prices by up to 83 percent – a move that triggered protests from all over the country, Reuters reports. Morales’ government earlier announced it will slash subsidies to fuel prices, saying it was necessary to reduce the country’s dependence on fuel imports and spur investments in its oil sector, the news agency says. Announcement of the cuts, which amount to some USD380 million a year, were met with widespread protests led by trade unions.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.