President to impose one-off tax on millionaires to rebuild quake-hit Ecuador

President Rafael Correa is raising taxes and imposing a one-off levy on millionaires to rebuild cities devastated by Ecuador's worst earthquake in decades.

In a televised address, Mr Correa said damages from the 7.8-magnitude quake would probably run into the billions of dollars, adding to already heavy economic hardships in the OPEC nation triggered by the collapse in world oil prices.