Last week Mr Lasso sat down with Bello in the unassuming presidential palace in the whitewashed colonial heart of Quito. He was unabashed by the setbacks to his plans. “I presented myself as I am and the Ecuadorean people voted for me,” he said. “They realised that we needed a change and that we couldn’t continue with this totalitarian, populist model that has impoverished Ecuadorean citizens.”
Mr Lasso promises an “investment shock” by sweeping away barriers in oil, mining, electricity and telecoms. Ecuador has rejoined a World Bank body that arbitrates disputes with foreign investors. The government has renegotiated an agreement with thewhich commits Ecuador to a fiscal adjustment that Mr Lasso says is now “very gentle”. Most of the effort will come from a tax reform which is “social democratic” and targets the rich, says Simón Cueva, the finance minister.
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