The president of the Presidential Electricity Advisory Committee, Hugo Guiliani Cury, warns that the Ministry of Industry and Commerce?s proposal to reduce the government subsidy on power would have an immediate inflationary effect in the economy. The measure would take effect in the July electricity bills. Guiliani says the reduction of the subsidy would spur increases in prices of products across the board. He said his advisory committee has prepared a report they will present to President Mejia. Hector Sanchez, of a merchants association said the measure would have a catastrophic effect on the economy. Already industry and commerce have been hurt by a 30% decline in sales and hefty new taxes in place since January. <\/p>\n","protected":false},"excerpt":{"rendered":"
The president of the Presidential Electricity Advisory Committee, Hugo Guiliani Cury, warns that the Ministry of Industry and Commerce?s proposal to reduce the government subsidy on power would have an immediate inflationary effect in the economy. The measure would take effect in the July electricity bills. Guiliani says the reduction of the subsidy would spur … <\/p>\n