QUITO (Reuters) – Businessman Juan Carlos Vega seems set to become Ecuador’s economy and finance minister, though he has not yet been sworn in, according to an official’s social media post on Friday, a day after new President Daniel Noboa took office.
Noboa, 35, has pledged to reduce violence and create jobs via urgent legislative reforms in the South American country, which is facing deep economic challenges that have pushed thousands to migrate and spiking violence blamed on drug gangs.
Vega, a veteran executive of several companies in Cuenca and Quito, including a home appliances manufacturer, has a masters in economics from Cornell, according to a resume shared with journalists.
Energy minister Andrea Arrobo said on social media on Friday that she, Vega and environment minister Sade Fritschi had met to discuss the country’s energy crisis, which has led to planned black-outs as a drought hits hydro-electric production.
The ministry of finance told journalists Vega has not yet been sworn in and would only be officially in the post once he had been. Most other members of the cabinet took their oaths of office on Thursday.
The communications ministry did not respond to a request for comment.
Noboa’s first reforms, which have not yet been proposed to lawmakers, 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.
A legislative coalition with the conservative Social Christian Party and Citizens’ Revolution, the party of leftist ex-President Rafael Correa, is likely to help Noboa push the reforms through.
Noboa has already toured the U.S. and Europe to sound out investors and lenders, but has warned he will balance meeting foreign debt obligations – totaling some $47.4 billion – with the needs of Ecuadoreans.
(Reporting by Alexandra Valencia; Writing by Julia Symmes Cobb; Editing by Hugh Lawson)
