Carlos Fernandez Valdofinos assumed the duties of Minister of Finance

The new Minister of Finance, Carlos Fernández Valdovinos, took office this morning during the official inauguration ceremony held in the Treasury Management Room. On this occasion, he was accompanied by the new Deputy Minister of Economy, Carlos Javier Charotti and of the Financial Department, Oscar Lovera, in addition to the outgoing Interim Minister, Marco Elizici.

In his first speech as Minister, Carlos Fernández Valdovinos thanked the President of the Republic, Santiago Peña, for the trust placed in him to lead the institution, which is highly appreciated for the professional work done during these years.

Likewise, he thanked the human team not only from the treasury, but also from the Ministry of Public Service and the Technical Planning Secretariat, which will soon become part of the Ministry of Economy and Finance, after the restructuring plan promoted by the new government.

We are facing a complex scenario as a result of the economic and social challenges of recent years and the increase in inflation worldwide. However, we maintain our commitment to responding to the needs of our citizens and will use all policy tools to achieve a full economic recovery.”

Likewise, Minister Fernandez Valdofinos indicated that the Ministry has a fiscal policy, which is an essential tool for managing the economy for two reasons: on the one hand, it works to stabilize the economy in the face of shocks, on the one hand, the effects it can have on the income of companies and households.

Carlos Fernandez Valdofinos took over as Minister of Finance.

Secondly, because in the long run its design and implementation must be sufficient to finance investment in human capital and infrastructure, ensuring sustainable growth of the economy.

“From my role as responsible for the management of public finances, I assume the obligation that the financial result of the central administration is in line with what is stipulated in the Fiscal Responsibility Act. This challenge will not be easy, but I believe that it will be possible from the treasury to continue to ensure a framework for financial stability, which is Necessary condition for a prosperous future of the nation by giving predictability to the economic agents.

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He also said that his administration will be accompanied by continuous accountability to the public, as well as the promotion of technology in search of effective and transparent financial management that guarantees access to information in a timely manner.

On the other hand, the Minister of Finance indicated that, in light of the current situation and multiple social requirements, the current government is working to promote the restructuring of state institutions with the aim of providing better public services.

“Paraguay will soon have a Ministry of Economy and Finance that will play an essential role in promoting policies and strategies that guide public finances, the economic orientation of the country and the human resources of the public sector, making it possible to accelerate decisions and respond in a timely manner to the challenges facing our global economic environment.

Concluding his speech, he reiterated that human capital will be his administration’s priority, placing health and education at the heart of Paraguay’s advanced vision. Likewise, it has ensured the availability of resources to continue investing in improving and expanding the social infrastructure, through well-equipped schools and hospitals that provide quality services.

It will not be easy with the strictness of the state budget (PGN), but it is our duty to achieve a positive development in the allocation of resources. Our mission is focused on creating an enabling environment so that businesses can expand and generate employment for the population. He concluded that private activity should be the driving factor of the economy.

The new Deputy Minister of Economy

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The new Deputy Minister of the Economy, Carlos Javier Charote Ramírez, was appointed as such by Decree No. 51/2023 of the Presidency of the Republic, dated yesterday, Thursday, August 17. In this way, he will replace Roberto Essen Meirns Rabel, who will go on to play another role.

The new deputy minister is an economist with a mention in macroeconomics from the National University of Asuncion (UNA); He holds a Postgraduate Diploma in Economics and a Masters in Economics from the Universidade Torcuato de Tila in Buenos Aires; He holds an MA in Public Policy from the University of Chicago, USA, and a PhD in Economics from the University of Manchester, UK.

In terms of his professional experience, he was a researcher at UNIDO-MIC and at the Central Bank of Paraguay (BCP) in 2007 and 2013. He was an analyst on the Board of Directors of the Central Bank of Paraguay in 2014; He held the position of Director of Macroeconomic Models at BCP in 2017.

Likewise, he completed an internship as a PhD researcher in the Monetary Policy Department of the Bank of England in 2022. From 2023 to the present, he has held the position of Director of Economic Studies at the Central Bank of Paraguay.

During his career, he has received awards and recognitions such as the Highly Commended Award in the Department of Economics in Teaching Excellence Awards for the year 2021-2022. University of Manchester. CASE-Economic and Social Research Council (ESRC) PhD Scholarships, 2019-2023.

He has also published several publications, such as: Charotti, CJ, Fernández Valdovinos, C. and González Soley, F. (2021). Monetary and Financial History of Paraguay, 1960-2017. Kehoe and Nicolini (eds.), A Monetary and Financial History of Latin America, 1960-2017. University of Minnesota Press.

New Deputy Minister of Financial Management

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The Executive Branch also appointed Oscar Favian Lovera Chavez as a new Deputy Secretary to the Undersecretary of Finance (SSEAF) in the Ministry of Finance, through Decree No. 52/2023, to replace Marco Antonio Tadeo Elizici Almeida, who will move to Tefé with another position.

The new deputy minister is a professional civil servant in the Ministry of Finance, with more than 32 years in the civil service.

He is an economist from the Faculty of Economic, Administrative and Accounting Sciences, Institute of Economics – UNA, and has received courses from the International Monetary Fund (IMF): “Public Finance Statistics” and “Fiscal Programming with Inflation Targets”, International Budget Seminars Audience: Participation as a speaker in the years 2014 to 2017. Similarly, he has completed courses on Corporate Governance in Financial Institutions, Minimum Requirements Standards: 2015 for Management Levels and Prevention of Money and Assets Laundering.

As part of his career in the institution, it can also be noted that he started his duties at the Directorate General of Retirement and Pensions (DGJP) from July 1991 to June 2002. Later he was Head of the Economic Situation and Financial Control Department and Director of Macro Fiscal Policies at the Directorate of Macro Fiscal Policy, between 2002 and 2014. He was also Director General of Budget, from April 2014 to July 2018.

Subsequently, he worked at Banco Nacional de Fomento (BNF), as Consultant and Managing Director of Planning in the Planning District Administration (2018). He was also Director of the Department of Administration and Finance in the Department of Administration and Finance (2018-2019), was a regular member of the Board of Directors (2019-2023) and a member of the General Department of the Agency for Development Finance (AFD). ).

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