Businessman, banker and centre-right conservative politician Guillermo Lasso has been sworn in as Ecuador's new President Monday for the next four years, in a ceremony held at the National Assembly in Quito.
Contrary to expectations, Guillermo Lasso Sunday surprisingly beat Andrés Arauz to become Ecuador's next president. Lasso, a conservative, was a sure winner in the evening as 97.91% of the votes were counted.
The recent general elections in Ecuador defined a legislative panorama radically different from the previous one, with two forces that will hold more than 50% of the total of 137 seats, the Correista alliance Union for Hope (UNES) and the indigenous party Pachakutik (PK), and the disappearance of Alianza PAIS, the force founded by former president Rafael Correa and taken over four years ago by outgoing president Lenín Moreno.
Ecuadorean presidential candidate Andres Arauz, and protegé of ex populist president Rafael Correa claimed victory in Sunday's election, although exit polls indicate he will face a runoff on 11 April, according to primary results.
Uncertain times ahead for Ecuador, if after four years of orthodox economic policies to try and balance government accounts and restructure foreign debt are followed by promises of heterodox economics and populist handouts.
An Ecuadorian court on Monday upheld an eight-year prison sentence against former President Rafael Correa for breaking campaign finance laws, blocking him from participating as a vice-presidential candidate in the 2021 election.
Former President Rafael Correa went on trial before Ecuador’s highest court starting Monday on charges of campaign finance fraud and accepting millions of dollars in bribes.
Ecuador’s finance ministry said it had placed about US$1 billion in 10-year sovereign bonds in the international market. Proceeds from the 10.75% bonds will be used to strengthen the country’s reserves and help fund this year’s budget which has financing needs of about US$ 8 billion, the ministry said in a statement.
After the United Kingdom has guaranteed that the founder of Wikileaks will not be extradited to the US, President Lenín Moreno invited Julian Assange to leave Ecuador's embassy in London, because his time of asylum in the diplomatic building after six years is about to run out.
A lawyer for former Ecuadoran president Rafael Correa denied a report on Thursday that he had requested asylum in Belgium as he faces prosecution at home over a kidnapping case.