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Economic Reforms Rejected in Ecuador

Ecuadorian Voters Approve Anti-Mafia Measures, Reject Economic Reforms

Posted on April 29, 2024
Writer: James Miller

In Ecuador’s recent referendum, voters endorsed President Daniel Noboa’s stringent security measures for combating drug trafficking but dismissed his economic reforms. The mixed results from Sunday’s voting signify a partial victory for President Noboa, who has been in office since November.

The referendum served as a test of Noboa’s popularity, reflecting widespread approval of his anti-gang initiatives. These security proposals passed without difficulty, as confirmed by the electoral authority’s quick count. On the other hand, Noboa’s propositions to liberalize the labor market and introduce international arbitration for foreign investors faced significant opposition.

This divergence in voter support highlights Noboa’s strengths in addressing security concerns while exposing vulnerabilities in his economic policy approach. Analyst Risa Grais-Targow from the Eurasia Group noted that while Noboa remains the frontrunner for next year’s election, the rejection of his economic plans could diminish his chances for an outright win in the first round. 

The referendum also underscored ongoing security challenges, with nearly 40,000 troops deployed to ensure safe polling amidst a backdrop of recent violence, including the assassination of two mayors.

For a more comprehensive analysis, read the full article on Bloomberg.

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