He said he favors a “tough line” on mafia bosses, but that he isn’t advocating a mass roundup of lower-level criminals of the kind organized by President Nayib Bukele in El Salvador.Įcuador has suffered soaring bloodshed over the past five years as cocaine traffickers fought for control of ports and routes, spreading terror with car bombs and contract killings. Villavicencio said that the growing power of organized crime gangs involved in extortion and kidnapping as well as drug trafficking was holding back growth.
He also said he favors free trade, and backed the current government’s narrowing of the fiscal deficit under an agreement with the International Monetary Fund.Įcuador’s economy will expand 2.9% this year, from 3% in 2022, according to the IMF. Villavicencio said he isn’t proposing to change the tax rates for such companies, nor is he in favor of nationalization. “But there has to be some profitability left over for the state.” “This doesn’t mean that I’m against the participation of private, foreign and national capital - on the contrary,” Villavicencio said Thursday, in an interview in Quito. and SLB, which was formerly known as Schlumberger. Traders Brace for Volatility With US Debt Deal Still Elusiveīiden Says US-China Relations Set to Improve ‘Very Shortly’įernando Villavicencio, who was an independent lawmaker until congress was dissolved this week, criticized as overly generous contracts awarded to companies including PetroChina Co., Halliburton Co. Zelenskiy Signals Bakhmut Falling, Russian Casualties High Zelenskiy’s Surprise G-7 Stop Unnerves Critical Brazilian Leader (Bloomberg) - One of Ecuador’s most prominent presidential hopefuls pledged to renegotiate contracts with foreign oil and mining companies and to take a tough line on the drug cartels behind a surge in violence.
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