By Alexandra Valencia
QUITO (Reuters) -Business heir Daniel Noboa was sworn in for a full term as Ecuador’s president on Saturday, promising to press the South American country’s fight against drug gangs and boost sluggish economic growth.
Noboa, elected in 2023 to finish out his predecessor’s term, won an April vote by an unexpectedly wide margin, despite claims of fraud by his leftist rival.
In a ceremony at the National Assembly on Saturday, he was sworn in by the body’s president, Niels Olsen Peet. Olsen placed a presidential sash over Noboa’s shoulders and they raised their joined hands in a moment of celebration.
“The progressive reduction of homicides will be a non-negotiable goal. We will maintain our fight against drug trafficking, seize illegal weapons, ammunition, and explosives, and exercise greater control at the country’s ports,” Noboa told the assembly about his new term.
During his 18 months in office, Noboa declared war on criminal groups, using decrees to deploy the military on the streets, beefing up security at ports and lengthening sentences for drug crimes and terrorism.
He also inked a $4 billion deal with the International Monetary Fund, sought to reduce a $4.6 billion fiscal deficit and met with Chinese banks to discuss possible loans.
“We are creating a safe, stable, and competitive environment that fosters growth, protects investments, and guarantees real opportunities,” Noboa said.
The 37-year-old has said cooperation with the United States, Israel and El Salvador will help the country fight drug trafficking and attract foreign investment.
His administration has hired Blackwater founder and private security executive Erik Prince to advise security forces, drawing criticism from the opposition and some rights advocates.
Though Noboa has touted a 15% reduction in violent deaths during 2024, the first four months of 2025 saw a 58% spike in the figure, to 3,094, compared to the same period last year, according to government figures.
He has said the economy is set to grow 4% this year, though the central bank predicts 2.8% growth.
Noboa will need to seek financing, analysts say, amid a public debt burden of 51.8% of GDP, high country risk that makes bond issues difficult and a fall in oil production, one of the country’s top exports.
Noboa’s party has control of the legislature and most of its committees.
(Reporting by Alexandra Valencia; Writing by Julia Symmes Cobb and Cassandra Garrison; Editing by Cynthia Osterman)
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