He was defeated by the incumbent Premier of Belize George Cadle Price, leader of the People's United Party (PUP).

[5] He defeated Philip Goldson for the open UDP leadership post in January 1983, becoming the first and thus far only politician to be elected leader of a major Belizean political party as a senator.

[2] Esquivel was elected in December 1984 to the House of Representatives from the newly formed constituency of Caribbean Shores in Belize City, becoming prime minister for the first time shortly thereafter.

After increasing tax rates twice, they entered into a standby agreement with the International Monetary Fund (IMF).

Upon becoming prime minister, Esquivel proceeded with economic reforms under the advice of domestic experts such as Edney Cain.

[12] His government suspended pay raises from 1995 to 1997, but transferred 450,000 shares of Belize Telecommunications to a trust for the affected workers.

[13] The opposition PUP dubbed Esquivel as "VATMAN" for introducing a 15% value-added tax (VAT)[10] in 1995.

[18] Although his government had opposed cannabis trafficking,[19] Esquivel expressed support for decriminalization of small amounts in 2017.

[24][29][30] Esquivel was appointed to the Privy Council of the United Kingdom by Queen Elizabeth II in 1986.