Economist Oscar Llamosas named as new Paraguayan finance minister

He will also take the lead on trimming Paraguay's fiscal deficit to 4% in 2021, down from an expected 7% this year. Llamosas, a 20-year political veteran, has also served as director of the Treasury and oversaw macro-fiscal economics for the government.

Economist Oscar Llamosas was named as Paraguay's new finance minister by President Mario Abdo on Thursday, after the previous minister stepped down for a senior role at Latin America's main lending bank.

Llamosas, a former vice minister of Paraguay's financial administration, will lead the economic team after the departure of Benigno López, who resigned this month for a position at the Washington-based Inter-American Development Bank (IDB). Llamosas will be tasked with carrying out a $2.5 billion economic reactivation plan that includes funds for public works, housing construction and social spending amid an expected 1.5% contraction this year due to the coronavirus pandemic. He will also take the lead on trimming Paraguay's fiscal deficit to 4% in 2021, down from an expected 7% this year.

Llamosas, a 20-year political veteran, has also served as director of the Treasury and oversaw macro-fiscal economics for the government.

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