Last week, nearing the completion of his second year as Ecuador’s president, Lenín Moreno used the announcement of a $4.2 billion IMF deal (in addition to a $6 billion package from multilateral lenders, including the World Bank) to proudly emphasize what he considered the greatest achievement of his presidency to date: “Thanks to the firm decisions I have made, we are not what Venezuela is today … We have recovered democracy,” Moreno said in a televised address.
Even critical observers are unlikely to contest his assertion. Moreno will rightly be remembered – and lauded – for having reverted the authoritarian turn led by Rafael Correa, his predecessor. Despite important progress in reducing poverty and stabilizing politics after years of turbulence, Correa ultimately overreached and ended up undermining Ecuador’s democracy. Read more>>
