Who Is the President of Paraguay? Santiago Peña

PARAGUAY · PROFILE · PRESIDENT

Santiago Peña, 47, is the president of Paraguay, and on Monday 2 November 2026 he has 652 days left in office. His single five-year term ends on 15 August 2028, and the Constitution bars him from running again.

The newest news is about money and Washington. A Congress commission finished its 2027 budget review on 29 October, and the Chamber of Deputies takes it up on Monday 9 November.

Last month he met US Treasury Secretary Scott Bessent on Thursday 22 October, and Paraguay joined the US-led Pax Silica pact the next day. Washington also announced US$11.75 million in security aid for Paraguay in October.

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Who Is the President of Paraguay?

Peña was born in Asunción, the capital, on 16 November 1978, so he turns 48 on Monday 16 November 2026. He studied economics at the Catholic University of Asunción and holds a master’s degree in public administration from Columbia University in New York.

He worked at Paraguay’s central bank and later at the International Monetary Fund (IMF), the global lender based in Washington. He then became finance minister under President Horacio Cartes, who now leads the Colorado Party.

Peña won the presidency on 30 April 2023 as the Colorado Party candidate and took office on 15 August 2023. His vice president is Pedro Alliana, who would take over if the president could not serve.

How Long Is the Presidential Term?

Article 229 of the Constitution gives the president and vice president five non-extendable years, counted from 15 August after the election. It adds that they may not be re-elected in any case.

That sets Peña’s last day in office at 15 August 2028, which is 652 days after Monday 2 November 2026. He has served three years, two months and 18 days of the term.

Article 230 puts the next election between 90 and 120 days before the term ends, which means 17 April to 17 May 2028. Winners need only a simple majority, so there is no runoff.

Peña’s Party Swept the October Town Halls

Paraguayans voted for 263 mayors on Sunday 4 October 2026. The Colorado Party won 187 of them and more than 1.5 million votes.

The opposition took the capital, where Soledad Núñez won the mayor’s office, and held Ciudad del Este. The result still matters because the president cannot run again, so the party’s local machine is what carries his policies into 2028.

The 2027 Budget and the Deficit

The government sent Congress a 2027 budget of 166.3 trillion guaraníes (US$25.7 billion), up 11.2% on 2026. It allows a deficit of up to 3.9% of GDP, far above the 1.5% ceiling in the Fiscal Responsibility Law.

Economy Minister Óscar Lovera said on 4 August that unpaid bills to suppliers, mostly in health, explain the gap. The Fiscal Responsibility Law, which caps the deficit at 1.5% of GDP, would need a temporary exception.

The Ministry of Economy’s figures for September 2026 show a yearly deficit of 3.0% of GDP, with spending up 11.2% and revenue up 1.6%. The Congress budget commission finished its report on 29 October, with extra money for health and education.

The Chamber of Deputies takes up the bill on Monday 9 November and then sends it to the Senate. The ruling Colorado Party controls Congress, so it can pass the bill without opposition votes.

Growth Is Strong and Prices Are Calm

The World Bank, the global development lender, puts Paraguay’s 2025 output at US$49.3 billion, up 6.6% on 2024. Growth was 4.7% in 2024 and 5.3% in 2023.

The central bank held its main interest rate at 5.50% on Friday 23 October 2026 and raised its 2026 growth forecast from 4.5% to 5.0%. Prices rose 0.1% in September, and annual inflation was 1.7%, half the bank’s 3.5% target.

Output per person reached US$7,027 in 2025, in a country of 7.0 million people. Consumer prices rose 4.0% in 2025, down from 9.8% in 2022.

Peña and the United States

US Deputy Secretary of State Christopher Landau visited Asunción and signed two security agreements on 19 October 2026. Washington announced US$5.5 million against terrorist financing and US$6.25 million against organised crime, US$11.75 million in all.

One agreement sets up an air interception system in which the two countries share radar data and intelligence on suspect flights. It takes effect only after an exchange of diplomatic notes.

Peña then flew to Washington, where Bessent met him on Thursday 22 October to discuss the growing economic partnership. The US Treasury said Bessent welcomed Paraguay’s commitment to secure critical minerals supply chains.

Pax Silica, Taiwan and Cartes

On Friday 23 October, Foreign Minister Rubén Ramírez signed the Pax Silica declaration in Washington, making Paraguay the 26th member. The pact aims to secure the supply chains for the minerals, energy and computing that artificial intelligence needs.

Paraguay is the only South American country that recognises Taiwan, the self-governed island that Beijing claims as its territory. Cartes, who now leads the Colorado Party, was removed with his companies from the US sanctions list on 6 October 2025.

What It Means for You

Investors get a stable, fast-growing economy tied closely to Washington, but also a wider deficit and a leader who cannot seek re-election. The 2028 race, led by the Colorado Party, will shape how long the current policies last.

Our guides cover residency rules and travel advice for US visitors. The Asunción city page and the November guide to Asunción describe the capital.

What Is Not Known

The Colorado Party has not named its 2028 candidate. The Deputies’ vote on the 2027 budget and any change to the 1.5% deficit cap are still to come.

No date has been published for the air interception agreement to take effect. Nor are the terms of any critical minerals or AI deal with Washington.

What Comes Next

Watch the Deputies’ budget debate on Monday 9 November, the Senate vote after it and the Colorado Party’s choice of a 2028 candidate. Read more in our Paraguay news section.

Related reading: the US security aid, the deficit plan, who holds power and the Bessent meeting. The Latin America Power Map ranks all 14 countries in our index.

More: Paraguay news in English, every day from The Rio Times.

Frequently Asked Questions

Who is the president of Paraguay?

Santiago Peña, a Colorado Party economist, has been president since 15 August 2023. Pedro Alliana is vice president.

When does Peña’s term end?

His five-year term ends on 15 August 2028, which is 652 days after 2 November 2026. The Constitution bars re-election in any case.

When is the next presidential election in Paraguay?

The Constitution sets it between 17 April and 17 May 2028. Winners need a simple majority, with no runoff.

What is Peña’s relationship with the United States?

He met Treasury Secretary Scott Bessent on 22 October 2026, and Paraguay joined the US-led Pax Silica pact on 23 October. Paraguay also recognises Taiwan, which Beijing claims.

How big is Paraguay’s 2027 budget?

The bill is 166.3 trillion guaraníes (US$25.7 billion), with a deficit of up to 3.9% of GDP. The Chamber of Deputies debates it on 9 November 2026.

Sources: Constitution of Paraguay, Articles 229 and 230, accessed 2 November 2026; US Treasury, readout of the Bessent-Peña meeting, 22 October 2026; Ministry of Economy and Finance of Paraguay, SITUFIN fiscal results, September 2026, accessed 2 November 2026; Senate of Paraguay, budget commission report on the 2027 budget, 29 October 2026; US Treasury OFAC recent actions, removal of Cartes, 6 October 2025; World Bank, Paraguay indicators, accessed 2 November 2026.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error