Ecuador's Lasso rules out value-added tax hike, pledges oil revamp

Ecuadorean banker Guillermo Lasso, who won the South American country's presidency in a Sunday runoff, said on Monday he would not raise the value-added tax but still planned to eliminate the cash-strapped country's fiscal deficit within four years.

Lasso told reporters he would also propose a risk-sharing model for future oil deals, though he would respect the service contracts the country currently has with private firms.