The new administration has just 17 months until Noboa completes the term of outgoing leader Guillermo Lasso.
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Millennial Leader Takes Over Broke
and Crime-Wracked Ecuador
(Bloomberg) -- Distressed debt, political assassinations, anti-mining unrest and soaring crime: Ecuador’s problems would be daunting for an experienced statesman. Instead, it is a 35 year-old president, Daniel Noboa, and one of the world’s youngest cabinets who face the colossal task of rescuing a nation at risk of becoming a failed state.
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“A lot of people see youth as a synonym of naivety,” Noboa said in his inaugural speech on Thursday. “For me it’s a synonym of strength to defeat the challenges that are imposed on us.”
Speaking alongside Noboa, President of Congress Henry Kronfle said Ecuador faces “the most serious crisis in our history as a republic”, and said the legislature would seek a multi-party majority to help the government address the security crisis. . .
Investors are skeptical that they’ll succeed in halting the nation’s downward spiral. Before the October election, many analysts predicted that a Noboa win over his socialist rival would spark a bond rally, but so far it has failed to materialize.
Read more: Bond Markets Offer Little Patience for Ecuador’s President-Elect
Latin American voters yearning for change have recently elected leaders who are either very young, or far outside the mainstream.
- Chilean leader Gabriel Boric, who took office aged 36 last year, has seen his popularity plunge early on in his mandate, and has had to appoint more experienced politicians to his cabinet to replace some of the student leaders who helped him to office.
- Costa Rica and El Salvador have also elected presidents in their thirties in recent years, while
- Argentine voters this month backed 53 year-old libertarian economist Javier Milei, who doesn’t have any experience of holding executive office, on a pledge to scrap the nation’s entire economic model.
.jfif)
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