A runoff vote appears likely in Ecuador’s presidential election with Lenín Moreno appearing to fall just short of the 40% required for outright victory over his rightwing rival Guillermo Lasso.

With 87% of votes counted early on Monday morning, the national electoral council gave 39.09% to Moreno, who was a former vice-president under the outgoing Rafael Correa, and 28.28% to Lasso, a 61-year-old former banker. For an outright win a candidate needs 40% and a 10-point lead over his nearest rival.

The widely different results of two exit polls saw Moreno’s camp celebrating victory in the first round, while Lasso declared there would be a second round in which he would face the government’s candidate.Moreno’s supporters draped in lime-green colours of the Alianza Pais coalition celebrated late into the night to as live cumbia music blasted from a stage erected on a main avenue the headquarters in Quito.(theguardian)…[+]

The US vice-president, Mike Pence, has attempted to mend fences with European leaders by pledging support for the EU, following hostile comments from Donald Trump and his supporters.On his first visit to Brussels since assuming office, Pence said on Monday the new administration wanted to work in partnership with the EU. “It is my privilege on behalf of President Trump to express the strong commitment of the United States to continued cooperation and partnership with the European Union,” he said.

“Whatever our differences, our two continents share the same heritage, the same values and above all the same purpose, to promote peace and prosperity through freedom, democracy and the rule of law, and to those objectives we will remain committed.”Pence’s emollient tone was in sharp contrast to the enthusiasm for Brexit shown by his boss in the White House. Trump welcomed Brexit and has said that more countries will leave the EU, which he recently described as “basically a vehicle for Germany”.(the guardian)…[+]

BRIDGETOWN – The Caribbean Development Bank (CDB) is projecting that the Region will experience economic growth of approximately 1.7 percent in 2017. However, CDB Director of Economics, Dr. Justin Ram, warns that this will not be enough to stimulate employment, particularly among youth, and reduce high regional debt levels. He points to the need for a long-term action plan that will allow the Region to participate in global supply chains, and drive sustainable economic growth.

In a presentation at the Bank’s Annual News Conference, Dr. Ram urged regional policymakers to create an environment which increases productivity and enhances competitiveness, including a more welcoming doing-business environment, access to financing for MSMEs and labour market reforms.

Dr. Ram notes that fiscal reforms are necessary if the Region is to break the cycle of high debt and low growth. These must include proper institutions and frameworks to manage and mitigate debt.

“Given the vulnerabilities to natural disasters and how this has contributed to debt accumulation, it is important for countries to use revenue windfalls to set up contingency funds or sovereign wealth funds, so as to reduce the debt burden and ensure greater economic and social resilience,” he added.

With respect to specific policy actions, Dr. Ram says that some reforms can be implemented immediately, and will have an impact on inclusive growth. These include the reduction of trade barriers, the use of public-private partnerships to close infrastructure and service gaps, the promotion of green energy production, the divestment of state owned assets to enhance value and efficiency and strengthening of the banking sector. Dr. Ram also recommended that governments make efforts to engage the Caribbean’s vast regional diaspora…[+]