Economist Oscar Llamosas named as new Paraguayan finance minister

By Daniela Desantis ASUNCION, Oct 29 (Reuters) – Economist Oscar Llamosas was named as Paraguay’s

By Daniela Desantis

ASUNCION, Oct 29 (Reuters)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.

(Reporting by Daniela Desantis; writing by Cassandra Garrison; Editing by Chizu Nomiyama)

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