Ecuadorean president easily wins re-election
Source: Agencies |
February 19, 2013, Tuesday
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Print Edition
Print Edition
ECUADOREAN President Rafael Correa yesterday reveled in a sweeping re-election victory that allows him to deepen his socialist revolution even as he seeks to woo foreign investment in the resource-wealthy Andean nation.
The pugnacious 49-year-old economist trounced his nearest rival by more than 30 percentage points on Sunday to win a new four-year term. He has already been in power for six years, winning broad support with ambitious social spending programs.
"We will be present wherever we can be useful, wherever we can best serve our fellow citizens and our Latin American brothers," Correa told supporters who celebrated in front of the presidential palace in Quito, waving the ruling Alianza Pais party's neon-green flags.
The continued success of Latin American socialism will depend on strong commodities prices that underpin generous social spending. Correa also needs to improve Ecuador's stagnant oil production and spur a nascent mining industry.
In a sign he wants to deepen socialist reforms, his legislative agenda includes a new law that would regulate television and newspaper content, part of his ongoing confrontation with opposition media. He also plans a land reform campaign to redistribute idle land to the poor.
"Our Ecuador needs a president like Rafael Correa. He has been strong and has not allowed anyone to intimidate him," said Julieta Moira, an unemployed 46-year-old as she celebrated outside the presidential palace on Sunday night. "I'm very excited, happy and thankful."
Correa is also expected to seek changes to a mining law that would help close a deal with Canada's Kinross to develop a large gold reserve. That will be a major test of his ability to offer investment security while ensuring the state keeps a large portion of revenue.
With almost two-thirds of votes counted by yesterday morning, Correa had 57 percent support, compared to 24 percent for nearest opposition candidate Guillermo Lasso.
Lasso, a former banker from the coastal city of Guayaquiil, did better than expected in Sunday's vote and established himself as the face of the opposition.
Correa needs to lure investors to diversify the economy and finance the investment in social welfare and infrastructure that helped him win another four-year term.
Ecuador has been locked out of capital markets after a 2008 debt default on US$3.2 billion in bonds, and Correa's government has taken an aggressive stance with oil companies to squeeze more revenue from their operations.
Foreign investment will be key to boosting oil output that has been stagnant for five years and to expanding a mining industry that has barely begun to tap the country's gold and copper reserves.
"We can't be beggars sitting on a sack of gold," is a catch phrase Correa has used in recent months to argue that Ecuador needs to better exploit its natural resources despite opposition from rural communities to some projects.
Foreign direct investment has generally been less than US$1 billion a year since Correa took office in 2007.
The pugnacious 49-year-old economist trounced his nearest rival by more than 30 percentage points on Sunday to win a new four-year term. He has already been in power for six years, winning broad support with ambitious social spending programs.
"We will be present wherever we can be useful, wherever we can best serve our fellow citizens and our Latin American brothers," Correa told supporters who celebrated in front of the presidential palace in Quito, waving the ruling Alianza Pais party's neon-green flags.
The continued success of Latin American socialism will depend on strong commodities prices that underpin generous social spending. Correa also needs to improve Ecuador's stagnant oil production and spur a nascent mining industry.
In a sign he wants to deepen socialist reforms, his legislative agenda includes a new law that would regulate television and newspaper content, part of his ongoing confrontation with opposition media. He also plans a land reform campaign to redistribute idle land to the poor.
"Our Ecuador needs a president like Rafael Correa. He has been strong and has not allowed anyone to intimidate him," said Julieta Moira, an unemployed 46-year-old as she celebrated outside the presidential palace on Sunday night. "I'm very excited, happy and thankful."
Correa is also expected to seek changes to a mining law that would help close a deal with Canada's Kinross to develop a large gold reserve. That will be a major test of his ability to offer investment security while ensuring the state keeps a large portion of revenue.
With almost two-thirds of votes counted by yesterday morning, Correa had 57 percent support, compared to 24 percent for nearest opposition candidate Guillermo Lasso.
Lasso, a former banker from the coastal city of Guayaquiil, did better than expected in Sunday's vote and established himself as the face of the opposition.
Correa needs to lure investors to diversify the economy and finance the investment in social welfare and infrastructure that helped him win another four-year term.
Ecuador has been locked out of capital markets after a 2008 debt default on US$3.2 billion in bonds, and Correa's government has taken an aggressive stance with oil companies to squeeze more revenue from their operations.
Foreign investment will be key to boosting oil output that has been stagnant for five years and to expanding a mining industry that has barely begun to tap the country's gold and copper reserves.
"We can't be beggars sitting on a sack of gold," is a catch phrase Correa has used in recent months to argue that Ecuador needs to better exploit its natural resources despite opposition from rural communities to some projects.
Foreign direct investment has generally been less than US$1 billion a year since Correa took office in 2007.
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