Paraguayan president resigns on banking scandal

Argus Media · Argus Media · 2026-11-05 18:42 UTC

Paraguay is in the grips of its worst political crisis in years, with President Santiago Pena submitting his resignation on Thursday following a banking scandal.

Paraguay is in the grips of its worst political crisis in years, with President Santiago Pena submitting his resignation on Thursday following a banking scandal.

Pena said in a recording that he was resigning, "with the stability of our country, social peace, and the need to preserve our democratic institutions in mind".

The crisis could undermine Paraguay's image as a stable economic bet in the region, with the country trying to court investment in energy and mining, including critical minerals. In late October, it joined the US-led US Pax Silica program to secure supply chains that include critical minerals. In August, it began talks with the US to sign an agreement on nuclear energy.

Read the full story at Argus Media · All coverage of this story