Former Ecuadorian President Gustavo Noboa, the architect of dollarization in the country, has died

Former Ecuadorian President Gustavo Noboa, who led the dollarization of his country’s economy in 2000, died on Tuesday at the age of 83, current President Lenín Moreno announced.

“Ecuador is in mourning. From tomorrow I will declare a national mourning in memory of Gustavo Noboa, former President of the Republic. Beloved friend, respected democrat, young moral builder, patriot. My condolences to his family and friends, ”Moreno posted on Twitter.

Noboa (2000-2003) assumed the mandate by constitutional succession, since he was vice-president when, in January 2000, then head of state Jamil Mahuad (1998-2000) was overthrown by a rebellion of indigenous peoples and the military. He ended Mahuad’s term and left his post to Lucio Gutiérrez (2003-2005).

In March 2000, while Noboa was head of government, Ecuador adopted dollarization as a way out of a deep banking crisis, as rising prices threatened to turn into hyperinflation.. Half of the 42 banks at the time had gone bankrupt or had closed.

“An honest and responsible president who has led the country successfully through very difficult times. A youth trainer like no other … loved his homeland very much. He always said: God’s times are perfect, ”wrote his personal friend, former Vice President Alberto Dahik (1992-1995), on Twitter.

Noboa was at Jackson Memorial Hospital in Miami, United States, where he underwent surgery on February 9 for a meningioma. Although he did well from surgery, his situation got complicated and he suffered a heart attack on Tuesday, according to local press.

Noboa, lawyer from Guayaquil, university professor, was governor of Guayas, whose capital is his hometown of Guayaquil (southwest) and vice-president of Ecuador (1998-2000).

“Ecuador is losing one of its best men. Youth trainer, statesman. An exceptional being ”, He was recalled by his lawyer, lawyer Joffre Campaña.

Noboa is remembered for his good character and kindness, but also for his firm beliefs, which have been passed down to dozens of generations since his tenure as a high school and university teacher.

As soon as he became president, he ratified the currency exchange and faced the serious consequences of the El Niño phenomenon, especially on the Ecuadorian coast, and realized shortly after the renegotiation of the external debt, which later led to a process promoted by his political rivals, who accused him of embezzlement. This led him to asylum in Costa Rica between 2003 and 2005.

Many credit him for having succeeded in bringing peace and stability to the country in the midst of a period marked by political upheavals.

He was married to María Isabel Baquerizo, with whom he had six children.

With information from AFP and AP

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