Costa Rican economist Rodrigo Chaves will replace Rocío Aguilar as the Ministro de Hacienda (Minister of Finance). He currently serves as Country Director of the World Bank Indonesia since August 2013.

Rodrigo Chaves in a photo taken in Jakarta, Indonesia, on September 19. Photo: Liputan6.com.

The appointment of Chaves was confirmed by President Carlos Alvarado on Wednesday afternoon in his social media accounts.

“With your designation, I seek to ratify our Government’s commitment to fiscal stability and place a special emphasis on poverty reduction and budget efficiency. I fully trust your ability to lead this Institution,” said the president.

Costa Rica’s economy is expected to grow 2.6% this year, which would be the country’s lowest expansion rate in a decade.

The economist will formally assume his post “at the end of November,” Alvarado said in an interview with La Nación.

 

Rocío Aguilar, referred to as “Dama de Hierro” (Iron Lady), for being the toughest in the cabinet of President Carlos Alvarado, resigned last week to save the president the political cost of ignoring a recommendation of the Comptroller General.

Chaves has worked at the World Bank for 20 years. His experience includes analytical and operational work in more than 45 countries in Latin America and the Caribbean, Eastern Europe, Central Asia, South Asia, and East Asia. He holds a Ph.D. in Economics from the Ohio State University, US.