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Paraguay reforms Finance Ministry

Thursday, August 24th 2023 - 11:00 UTC
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One of Peña's Government's goals is to make the State more agile and modern, Minister Carlos Fernández Valdovinos explained One of Peña's Government's goals is to make the State more agile and modern, Minister Carlos Fernández Valdovinos explained

Paraguayan President Santiago Peña Wednesday signed into law a bill suppressing the Finance Ministry and creating a Ministry of Economy and Finance instead, it was reported in Asunción. The motion had been passed by the Lower House earlier this month.

The new institution absorbs the functions of the Ministry of Finance, the Technical Secretariat of Planning (STP), and the Technical Secretariat of Public Function (SFP). The new Ministry will be headed by Carlos Fernández Valdovinos, who recently took office as Minister of Finance.

The basic organic structure of this ministry will be formed by the Cabinet of the Minister of Economy and Finance, the Vice-Ministry of Economy and Planning, the Vice-Ministry of Financial Administration, the Vice-Ministry of Human Capital and Organizational Management, and the Treasury Attorney's Office, it was explained.

Among its main functions are to formulate and define the national economic policy, coordinate and follow up with the other State Agencies and Entities (OEE); in addition to defining the fiscal policy, preserving the sustainability of public policies and the financial health of the State.

It may also regulate the financial and budgetary process of the State, guiding the efficiency of public spending to provide quality goods and services to the population in general.

From the effective date of this Law, the Vice-Ministry of Economy and Planning replaces and absorbs the functions of the Vice-Ministry of Economy of the Ministry of Finance and the coordination of the Technical Secretariat for Economic and Social Development Planning.

In turn, the Vice Ministry of Human Capital and Organizational Management replaces and absorbs the functions of the Civil Service Secretariat. The other departments of the absorbed institutions will remain in force until a new organizational structure is determined and/or the competencies provided for in the legal system are distributed.

Minister Fernández pointed out that one of the Government's objectives was to reorganize the structure of the State, to make it more agile and modern, with an efficient use of resources.

The creation of the Ministry of Economy and Finance was an initiative of pro-government deputies of the Colorado Party.

(Source: Xinhua)

Categories: Economy, Politics, Paraguay.

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