Ecuador’s presidential candidates cast their votes on Sunday in the presidential runoff election.
The country will decide whether to maintain the pro-market policies of the last four years or return to the socialism of the preceding decade as the Andean country seeks to revive its stagnant economy.
Left-wing economist Andres Arauz is offering cash handouts and a return to the socialist policies of his mentor, former President Rafael Correa who is living in Europe and has been convicted on graft charges. Banker Guillermo Lasso is promising open markets and renewed foreign investment to create jobs.
The vote is being closely watched by foreign investors, who say Arauz’s social spending plans are ambitious in the face of the government’s delicate financial situation and a weak economy that has been made worse by the coronavirus pandemic.
Disappointment in the candidates appeared to be reflected in a thin turnout.
A mere 45% of registered voters had cast ballots by mid-afternoon, National Electoral Council President Diana Atamaint said in a televised broadcast, urging citizens to vote to “give legitimacy to the next elected authorities.”
Results are expected on Sunday night. The new president will take office on May 24.
The oil-exporting nation’s economy was already weak due to low crude prices when the coronavirus outbreak started. The pandemic has pushed a third of the population of more than 17 million into poverty and left half a million people unemployed.
President Lenin Moreno, who did not seek re-election, imposed painful austerity measures as part of a $6.5 billion financing agreement with the International Monetary Fund, but was unable to kick-start the economy.
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Ecuador candidates cast their votes in presidential runoff
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