Paraguayan President Santiago Pena announced that he resigned from his post following the impeachment process supported by his party.
Addressing the people of Paraguay in his address to the nation, Pena said that he prioritized the country's stability and social peace above all else.
Announcing that he resigned from his post as President, Pena used the following statements:
"I would like to apologize to our people if I have disappointed them even for a moment. I never had any intention of exploiting the trust you have placed in me. Considering the need to protect the stability of our country, social peace and our democratic institutions, I have decided to resign from my post as president. Today, I am addressing you at one of the most difficult moments of my life. My dear citizens, we are a country that has gone through very difficult moments and has always known how to stand up. I fully believe in the power of our people and the capacity of our institutions to overcome this situation."
"WE SUPPORT THE IMPEACHMENT PROCESS AGAINST PRESIDENT PENA"
Chairman of the ruling Colorado Party (ANR) and former President Horacio Cartes stated in his statement that they will support the impeachment process against Pena.
Just before the extraordinary session in the House of Representatives, Cartes noted the following:
"As the Colorado Party, we will not stand by the usurpation of public, private sector and pensioners' funds. We have to think about our people and the values our party represents. The Colorado flag represents the history of service to the country, remaining loyal to it, acting with courage when the homeland requires it. We support the impeachment process against President Pena in order to put the institution of the Presidency and the institutional structure of the republic back on track."
ACCUSES AGAINST PENA
In the impeachment file prepared by opposition MPs about Pena, it was argued that Pena put his commercial interests ahead of state responsibilities and abused office by preserving his shares in the umbrella group of Ueno Bank despite taking over the office in 2023.
The file included allegations that the Social Security Institute (IPS) was privileged by keeping the pension fund of approximately $ 355 million in this bank and that there was irregularity in the appointment of Carlos Carvallo as the President of the Central Bank of Paraguay (BCP) in 2023.
Pena denied the allegations and stated that his priority was to protect the public and that those responsible for the irregularities would be held accountable before the judiciary.
WHAT HAPPENED?
Ueno Bank, one of the country's largest private financial institutions, serving 2.9 million of Paraguay's population of approximately 6.1 million, was intervened on November 3 due to deteriorations in its financial structure.
BCP had decided to liquidate the institution after the bank's capital adequacy ratio fell below half of the legal limit.
With the liquidation decision coming into force, bank branches were closed, mobile applications, bank cards and all digital banking transactions were suspended. Many depositors were unable to access the assets in their accounts.
Following the developments, many citizens who could not access their deposits in the bank protested the situation by organizing demonstrations.
Following the liquidation process of Ueno Bank, BCP President Carlos Carvallo announced that he resigned from his position.
Following the interpellation on the impeachment request submitted by opposition deputies and the opposition wing of the ruling Colorado Party, the Paraguayan Congress decided to hold two separate extraordinary sessions.
