“Tomorrow we begin to work for this new Ecuador (…) to rebuild a country that has been seriously hit by violence, corruption and hatred,” said the next ruler from his home in Olón (southwest), accompanied of his pregnant wife and surrounded by a robust security scheme.
Until a few months ago, almost unknown in politics, Noboa assured that he will seek to “return peace” to the country.
Noboa’s victory eliminated some immediate market risks that could have arisen if his rival, leftist Luisa González, a protégé of former President Rafael Correa, had been elected instead, analysts said.
Ecuadorian bonds rallied after the vote, as Noboa’s business experience provided a boost to investors who had seen the country’s dollar debt fall by around 17% this year.
“Overall, investors will likely take comfort from the election results as market participants viewed Noboa as a more pro-business candidate compared to his more statist rival,” Goldman Sachs analysts wrote in a Monday note.
“Risks of policies becoming more populist remain as the incoming administration’s attention will quickly focus on the upcoming general election in February 2025,” the note added. “We do not anticipate that the Noboa administration will be in a position to carry out deep structural reforms.”
Noboa will take office in December and will complete the current administration’s term until May 2025.