New leftist president takes office in Ecuador
ECUADOR’S new president Lenin Moreno took office on Wednesday, tasked with steering the oil-rich nation, a flagship of the Latin American left, through troubled economic waters.
Congress swore in Moreno, 64, as the quieter successor to his ally, one of the feistiest personalities in Latin American politics: leftist Rafael Correa.
Moreno is the first wheelchair user to become Ecuador’s leader, and one of few in the world ever to serve as president.
In his inaugural address, he promised to fight corruption and apply “austerity” to streamline government administration costs. “I am a president for all. I owe this to everyone. I respect everyone,” he said.
“I will work for absolutely no one to be left behind.”
‘Social progress’
The 54-year-old Correa, who served as president for a decade, is one of a generation of colourful leftist leaders who governed the mineral-rich region over recent decades. He won the hearts of many with welfare spending, social equality policies and sub- sidies which he says reduced poverty to just under 23 percent. And unlike his allies in Brazil, Argentina and Peru, his side has managed to stay in office, winning re-election earlier this year.
Moreno has said that “passion for life obliges us to deepen the changes we have achieved and defend our social progress”.
Economists warn Moreno faces tougher conditions than those enjoyed by Correa, however. Like other Latin American countries, Ecuador has suffered from falling prices for its oil and minerals.
“There is an economic hango- ver,” said Simon.
The economy soared after Correa took over but fell back last year, shrinking 1.5 percent.
Ecuador’s external debt has climbed to more than $25 billion – over a quarter of its output.
For Moreno, “it will be very difficult to maintain” the level of social spending, said Simon Pachano, a political scientist at the Latin American Social Sciences Faculty in Quito.
He has pledged to boost business through loans and try to spur consumption. His cabinet includes business-friendly figures and social leaders.