Fishing boats in Salinas, Ecuador
Adobe Stock
Ecuador has introduced a temporary, targeted, and conditional economic support package for the industrial fishing sector to mitigate the impact of rising diesel prices on fishing operations.
Executive Decree No. 394, signed by Ecuadorian President Daniel Noboa Azin on 23 May, aims to safeguard the continuity of the fisheries value chain and protect sectors linked to food security, employment and the competitiveness of one of the country's most important export industries.
Under the scheme, up to USD 10.5 million will be allocated, subject to budget availability, and the measure will be implemented on a one-off basis. It does not constitute a general fuel subsidy or a permanent transfer of public funds.
The compensation will be available to vessel owners and fishing vessels registered in the National Register of Industrial Fishing Vessels that hold valid ministerial agreements and fishing permits.
Applicants must also provide proof of fuel purchases through valid invoices issued by Petroecuador EP or its authorized distributors, be up to date with their tax and social security obligations, and demonstrate fishing activity through duly verified landings.
Earlier this year, another South American country, Chile, granted an extraordinary advance sectoral bonus to artisanal fishers as a measure to mitigate the impact of rising international fuel prices.