Ecuador presidential election: Economist Arauz concedes defeat to ex-banker Lasso

A left-wing economist and Ecuador's presidential candidate Andres Arauz, on Sunday conceded defeat to conservative former banker Guillermo Lasso following Ecuador's presidential election run-off.

"I congratulate him on his electoral triumph today and I will show him our democratic convictions," said Arauz, who is best known as the protege of former president Rafael Correa.

Arauz, the protege of former president Rafael Correa, had earlier claimed victory citing an exit poll that he said gave him a 1.6 per cent advantage.

Earlier, television stations Ecuavisa and Teleamazonas published the results of the Cedatos exit poll that gave Lasso almost a 6.5 percentage point lead over Arauz.

Meanwhile, Conservative former banker Guillermo Lasso has declared himself Ecuador's president-elect and accepted the "challenge" of changing Ecuador's "destiny," with the South American country gripped by an economic crisis aggravated by the Covid-19 pandemic.

(With inputs from agencies)