Daniel Noboa Sworn in as Ecuador's President, Pledges Urgent Reforms

Business Heir to Tackle Violence and Job Creation; Juan Carlos Vega Set to Become Finance Minister

Daniel Noboa, a 35-year-old business heir, has been sworn in as Ecuador's president, pledging to reduce violence and create jobs through urgent legislative reforms.
Noboa, who won an October run-off, will serve only through May 2025, completing the term of former President Guillermo Lasso who dissolved the National Assembly to avoid impeachment.
Under Lasso's tenure, violent deaths in Ecuador doubled to a record 4,600 in 2022 due to drug trafficking gangs.
Juan Carlos Vega, a veteran executive, is set to become Ecuador's economy and finance minister, though he has not yet been sworn in.
Noboa's first reforms are expected to include an economic law meant to incentivize hiring and lower value-added tax on construction materials, and a second reform focused on the electricity sector.