Conservative Ecuadorean president Guillermo Lasso took office on Monday promising to revive an economy battered by the coronavirus pandemic and create jobs for a population weary from years of painful austerity measures.The 65-year-old former banker in April beat out socialist economist Andres Arauz, who had promised to restore the generous social spending programs of former President Rafael Correa who was in power for a decade until 2017.”Ecuador must also mean a promise of balance in common life, balance between the causes of its people, balance between economic growth and social justice,” Lasso said in a speech. “Two cornerstones that will be the foundations of a prosperous and equitable country.”But Lasso has few clear paths to spurring growth given tight government finances and a congress led by the indigenous Pachakutik party, which has often opposed mining and oil industry projects that provide much of Ecuador’s export revenue.Outgoing president Lenin Moreno, who did not seek a second term, was unable to kickstart the economy using traditional free market measures such as cutting government spending and borrowing from the International Monetary Fund (IMF).Lasso has said he will promote new private sector investment and will seek a review of the $6.5 billion IMF agreement


Continue To Full Article