ECUADOR:Left-wing economist Rafael Correa's victory in Ecuador's presidential election was confirmed yesterday by the country's electoral tribunal.
Correa, a friend of Venezuelan President Hugo Chávez and a former economy minister who has frightened investors with pledges to limit debt payments, got 56.67 percent of the vote while banana tycoon Alvaro Noboa received 43.33 percent.
On its website, the tribunal confirmed the 43-year-old economist's win that he swiftly claimed shortly after balloting ended for the November 26th election.
Noboa, Ecuador's richest man, has not conceded defeat. A Noboa spokesperson was not immediately available for comment.
Correa has repeated pledges to set a cap on debt payments and boost state control over energy resources. He has also named leftist economists and human rights workers as possible members of his cabinet after he is sworn in on January 15th.
"He will be more pragmatic when he gets into power, but he will push forward a series of deep reforms that he pledged during his campaign," political commentator Javier Ponce said.
The telegenic Correa was quickly catapulted from economics college professor to president of the world's number one banana exporter. He lured voters with promises to help the poor with more social spending and to thrash the country's political old guard who many see as corrupt and inefficient.
Correa's plans of a deep political overhaul through a popular assembly with powers to rewrite the constitution has worried lawmakers and sparked fears he would draft a new document to consolidate his power.
Correa's victory bolstered Chávez's drive to secure leftist alliances in Latin American to counter US influence in the region and export his "socialist revolution". His ally Chávez, an outspoken critic of George Bush, used a constituent assembly to rewrite the document and solidify his presidency. He was re-elected by a landslide on Sunday.
Correa could run into a fierce battle with Congress over his proposed reforms and threaten the flimsy political stability of a country that has seen three presidents toppled in a decade, experts said.