Paraguay’s Peña Meets Treasury Chief, 22 Oct

PARAGUAY · US RELATIONS

Paraguay’s president opened his Washington trip with US Treasury Secretary Scott Bessent. Treasury and Peña’s own post each gave a short account.

Paraguayan President Santiago Peña met US Treasury Secretary Scott Bessent in Washington on Thursday, 22 October. Treasury said they discussed the growing economic partnership, and Peña said US companies show rising interest in investing in Paraguay.

In the Paraguay Treasury meeting, Bessent welcomed Paraguay’s commitment to secure and resilient critical minerals supply chains, Treasury’s readout says. The readout and Peña’s post do not mention sanctions or the CIA.

What Peña Did in Washington

Peña left Asunción on Wednesday, 21 October, and is due home on Friday, 23 October. EFE carried the dates from his letter to the Senate.

Foreign Minister Rubén Ramírez and Javier Giménez, head of the presidential Civil Cabinet, travel with him. Government sources named both to EFE.

On Thursday his official account posted a photo with Bessent and a short note. It said they spoke about cooperation projects, driven by a growing US corporate interest in technology, logistics, manufacturing, trade and mining.

ABC Color noted that the presidency sent Congress a travel note saying the agenda was closed but not naming its items. The Bessent meeting became public through the president’s own post, and Treasury published a readout the same day.

Peña also said he would meet CIA director John Ratcliffe on Thursday, without giving topics. ABC Color reports that ICT Minister Gustavo Villate confirmed a security meeting but could not confirm Ratcliffe’s presence.

Treasury’s readout, dated 22 October, says Bessent and Peña discussed the growing economic partnership and ways to strengthen cooperation on shared priorities. It adds that Bessent welcomed Paraguay’s commitment to secure and resilient critical minerals supply chains.

The Gala Speech and What the Dialogue Says

Peña was due to deliver the keynote on Thursday evening at the Inter-American Dialogue’s 2026 Leadership for the Americas Awards Gala. The Dialogue, a Washington think tank on Western Hemisphere policy, said the gala would be held at the Organization of American States.

Its press release says Peña earned investment grade status for Paraguay and hosted the January 2026 signing of the EU-Mercosur trade agreement. It also cites progress toward joining the OECD, the club of mostly rich economies.

Before leaving, Peña told reporters that Paraguay’s numbers are the region’s best when analysed objectively, La Nación reported. That is his own assessment, not an independent ranking.

Hoy reported a university talk in Washington on Thursday and names Georgetown University. Peña, quoted by La Nación and EFE, and ABC Color name George Washington University instead, so the venue is unclear.

Why Sanctions Are the Background

On Thursday, 26 January 2023, Treasury listed Cartes and then vice president Hugo Velázquez for corruption under its Global Magnitsky programme. Treasury said Cartes engaged in corruption before, during and after his term as president.

Última Hora reports that both men rejected the accusations. Cartes leads the Colorado Party, known as the ANR, the paper says.

OFAC’s own notice of Monday, 6 October 2025 removed Cartes and his companies, including Tabacalera del Este, from the list. Cartes said at the time that justice had been done, Hoy reported.

The OFAC list file, checked on 23 October, still carries Hugo Adalberto Velázquez Moreno under Global Magnitsky and no longer carries Cartes. ABC Color and Última Hora report the same.

Peña’s post and Treasury’s readout do not mention sanctions. None of the reports reviewed says that they came up.

The Última Hora headline calls Bessent a key man in lifting the Cartes sanctions. Its text notes only that he headed Treasury then, and offers no evidence he decided it or discussed it with Peña.

Treasury Already Works With Paraguay

ABC Color notes that Paraguay’s economy ministry lists cooperation with Treasury through its Office of Technical Assistance and its Infrastructure Financing Team. The ministry says this work aims to strengthen public finances and the financial sector.

The trip follows the 19 to 21 October visit of US Deputy Secretary of State Christopher Landau. Landau and Peña toured the Itaipu dam on Wednesday, EFE reported through Infobae.

Earlier reports cover Landau’s two security deals, the US-announced AI hub on Itaipu power and the US-trained anti-terror unit. Political context is in the Paraguay politics explainer and on the vice president’s split with Cartes.

What It Means for US Readers

Paraguay pitches itself to US business as an investment-grade economy with abundant hydropower. Its president opened his trip with Treasury, according to local reports.

Investors should read the meeting as an outreach signal, not as a deal. Neither the post nor the readout describes any agreement.

The sanctions history is a reminder that OFAC listings can be lifted but also persist. US persons and firms must still avoid dealings with Velázquez, who remains listed.

An announced CIA meeting would fit a broader security partnership with Washington, which the Landau visit also showed. Nothing published says what was agreed, so no policy change should be assumed.

More background on the country is on the Paraguay hub. Readers planning travel or investment should check official US and Paraguayan notices.

What Is Not Known

Treasury’s readout of the Bessent talks is short, and the only other account is Peña’s own post, so details are not known. Neither mentions sanctions, and no separate Paraguayan government readout was found.

It is not confirmed that the CIA meeting took place, or what was discussed. Peña announced it but gave no details, and no US statement was found.

The content of the gala keynote was not available when this was written. Whether sanctions, Cartes or Velázquez were raised in any meeting is not known.

What Comes Next

Peña is due back in Paraguay on Friday, 23 October, and the presidency may still publish details. Reports of the gala speech should show what he told a Washington audience.

This does not mean any change in the status of Velázquez or of the sanctions on other Paraguayan figures. OFAC changes its list only by public notice.

Frequently Asked Questions

Who did Paraguay’s president meet in Washington?

Peña met US Treasury Secretary Scott Bessent on Thursday, 22 October. He also announced a meeting with CIA director John Ratcliffe and a keynote at the Inter-American Dialogue gala.

What did Peña and Bessent discuss?

Treasury’s readout says they discussed the growing economic partnership and that Bessent welcomed Paraguay’s critical minerals commitment. Peña said they discussed cooperation projects and rising US corporate interest.

Are US sanctions on Horacio Cartes still in force?

No, OFAC removed Horacio Cartes and his companies, including Tabacalera del Este, from its list on 6 October 2025. Former vice president Hugo Velázquez is still listed.

Is anyone from Paraguay still on the US sanctions list?

Yes. OFAC’s list file, checked on 23 October, still carries former vice president Hugo Velázquez under its Global Magnitsky programme.

Did the CIA meeting happen?

Peña announced it for Thursday but gave no details. No confirmation or US statement was found.

Sources: US Treasury OFAC, recent actions, 6 October 2025; US Treasury readout of the Bessent-Peña meeting, 22 October 2026; US Treasury press release on the 2023 Paraguay designations; OFAC Specially Designated Nationals list file, checked 23 October 2026; Inter-American Dialogue press release; ABC Color, 22 October; La Nación, 22 October; La Nación print edition, 22 October; Última Hora, 22 October; Hoy, 21 October; Hoy, 6 October 2025; Infobae (EFE), 21 October (all accessed 23 October 2026).