Ecuador's President Guillermo Lasso said Friday he would not seek another term in office, just days after fresh elections were called for August 20.

Lasso, who has been accused of allowing corruption in state-owned companies, announced the decision after dissolving the National Assembly last month to avoid an impeachment trial against him.

"After deep reflection, I want to announce that I will not accept the nomination for the presidency of the Republic for the August elections," the 67-year-old Lasso announced at a news conference.

"This has been the greatest honor of my life, but I love democracy way beyond the role of president," he added. "If my duty as president requires me to give up my position and protect democracy, then I will do so. Without fear and with a clear conscience."

It was the first time a president in Ecuador has ruled out a fresh term in office.

More than 13 million in the South American country of just over 18 million people will be eligible to vote.

If no winner is declared in the first round, a runoff is scheduled for October 15.

Two-year standoff with opposition

Lasso, a conservative former banker, was elected in 2021 but clashed from the start with the left-leaning majority coalition in the 137-member National Assembly.

Last month, lawmakers launched impeachment proceedings against him on allegations that he failed to intervene to end a faulty contract between the state-owned oil transport company and a private tanker company.

It was the second attempt at impeachment, measures that helped his popularity plummet to a record low of 10%.

Lasso decried the impeachment process, describing it as politically motivated. His opponents, meanwhile, have said the move to dissolve the legislature and call elections was dictatorial.

Mauricio Alarcon, an analyst with the Citizenship and Development Foundation, praised Lasso's decision to quit, telling The Associated Press that the level of confidence in the president "had hit rock bottom."

Ecuador's constitution includes a provision that allows the president to disband the assembly during a crisis but not without fresh elections for both the assembly and the presidency.

Correa comeback tipped to win with voters

Experts have said the snap vote will likely benefit the left-wing opposition and their exiled leader Rafael Correa, a former president who escaped to Belgium to avoid serving an eight-year corruption sentence.

Correa, who hopes to get at least 50 seats in the assembly, said his party would rebuild the country and tackle law and order issues if successful.

Ecuador is enduring a spike in violence related to drug trafficking, as well as widespread anger over the rising cost of living.

mm/sri (AFP, AP, Reuters)