Hope is here

Guillermo Lasso won the Ecuador’s presidency in a contested battle in the ballots in April 2021. Now, it is a little over a month since he is in power. The international reaction to Lasso’s presidency was perceived positively in different areas for the country, such as: the labor market, country’s risks (drop of 420 points since Election Day until June 28^th, 2021), and approval rating, to name a few.

According to the Foro Iberoamericano, Ecuador is consider the new hope for Latin America. In the event held on May 23^rd, “Evento con motivo de la toma de posesión de D. Guillermo Lasso,”  where different prominent freedom fighters participated, it became clear that what takes place in Ecuador it is of important significance to the whole region and even to the Classical Liberal movement.

In a month in power, Guillermo Lasso has inked some Presidential Decrees towards a freer economy, enhanced covid-19 vaccination rate of speed and imposing good governmental practices. However, much still needs to be done.   

Lasso has difficulties in completing his team. In other words, it seems that since the political break with Partido Social Cristiano (PSC), since mid-May; there are not enough people with experience in the public sector and the free market spirit needed at this time to assemble his team. Lasso’s cabinet has some old faces, his secretaries and ministries, in some cases, are people whom already served with the “Socialismo del Siglo 21,” people either picked by Correa or Moreno in their time.

Another critical issue for Lasso is timing. In Argentina, Mauricio Macri (President from 2015-2019) is a witness of bad timing. Macri’s political and economic reforms where not popular and not applied fast enough. Therefore, Macri was president of Argentina for one term only. In Latin America, the population have its differences and similarities. Political memory and historical learning may be a weakness of the whole region. With this in mind and having elections for president in Ecuador in 2024; time is an enemy for Lasso’s presidency.

Ecuador’s President needs to increase speed in changes, reforms, and lobbying through a divided Assembly (Congress) to obtain legislation that allows: economic freedom, stronger rule of law, and presenting a positive environment for foreign investment. All these changes must be done quickly enough so that by 2024 elections Ecuadorians may not remember the social cost of the implementation of such reforms.

Ecuador has a unique opportunity in its hands, it now depends on the approach the government takes and the response from the private sector. At the end, and after 15 years of socialism, “Hope is here.”