International

Santiago Peña takes office as president of Paraguay, promises prosperity and international presence

Photo: AP

August 16|

Economist Santiago Peña took office on Tuesday as Paraguay’s new president with a promise to promote prosperity for all in his country and lead the South American nation to become a protagonist on the international scene.

Peña, 44, became the youngest president since the return to democracy and maintains the continuity in power of the conservative Colorado Party in Paraguay, a country that has faced allegations of corruption in the spheres of power and is the last South American nation to maintain diplomatic relations with Taiwan.

“Success is to make all Paraguayans better off and for the world to witness the resurgence of a giant,” the new president said at a ceremony in the Paraguayan capital.

The inauguration ceremony was attended by leaders from neighboring countries, including Luis Inácio Lula da Silva of Brazil, Alberto Fernández of Argentina and Gabriel Boric of Chile, to whom he said he will seek to make Paraguay a key country for South American integration, and will therefore seek to improve the functioning of the Mercosur sub-regional bloc.

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The ceremony was also attended by the King of Spain, Felipe VI, and the Vice President of Taiwan, William Lai, who traveled to Paraguay as part of a tour that will also take him to San Francisco and New York, at a time when China is seeking to increase the isolation of the autonomous island.

Regarding Taiwan, Peña said that their relationship is a sign of Paraguay’s policy of “alliances and cooperation with a geostrategic vision”.

Paraguay is one of 12 countries that still maintain diplomatic relations with Taiwan, mostly small and poor nations in Africa and the Caribbean.

“At the international level three global challenges generate geopolitical tensions: access to water, food security and energy sufficiency,” he said. “Paraguay being a power in those three major issues, we are called to be protagonists in the concert of nations.”

On the local level, he noted that his commitment is to “build a society where everyone can prosper,” he said, and pledged to generate at least 500,000 new jobs. In Paraguay, poverty reaches 24% of the little more than seven million inhabitants.

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Peña is a US-trained economist who worked for the International Monetary Fund.

In recent months, the issue of corruption in power circles has shaken the South American country. The United States accused former president Horario Cartes (2013-2018) of corruption and froze his assets. Cartes, considered Peña’s political “godfather”, owns a conglomerate of companies ranging from tobacco to cattle ranching and large media outlets, and has denied the charges.

In his speech as new president, Peña thanked Cartes, current president of the Colorado Party, for what he called his perseverance “in building consensus and seeking agreements over differences”.

On corruption, Peña said he had “the conviction” that it is solved “with an independent, impartial and fast justice, with sufficient resources to ensure an adequate and homogeneous administration throughout the national territory”.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.