Paraguayan President Santiago Peña said he had decided to resign as lawmakers advanced impeachment proceedings. Congress must decide whether to accept his resignation. (Foto: Instagram)
Paraguayan President Santiago Peña said Thursday, Nov. 5, that he had decided to resign, as an impeachment effort moved forward in the National Congress. The political turmoil comes amid financial instability aggravated by the dissolution of Banco Ueno, the country’s largest digital bank. Peña’s departure is not yet final: Congress must decide whether to accept his resignation.
In a statement posted on social media, Peña said he was stepping down with the country’s stability, social peace and democratic institutions in mind. He said he was acting in accordance with Paraguay’s Constitution and the democratic and institutional procedures the nation had established.
The resignation request is to be formally submitted to Congress. If lawmakers reject it, they could continue the impeachment process already underway. On Thursday, the Chamber of Deputies approved opening impeachment proceedings against Peña.
In his letter to Paraguayans, Peña described the moment as one of the most difficult of his life and said the republic must take precedence over any individual or circumstance. He said history would judge the events unfolding in the country, and he expressed his belief that no office should matter more than Paraguay’s well-being. He also apologized to the public if he had failed them, saying he had not intended to betray the trust placed in him.
Peña said his immediate priority was the peace of Paraguayans who had entrusted their savings to the financial system. Behind every deposit, he wrote, were years of work and sacrifice, as well as family plans. He said he hoped the funds would be returned, the Deposit Guarantee Fund would fulfill its purpose, and public money and resources belonging to Paraguayans would be protected.
The president also said he trusted the people and the country’s institutions to overcome the situation. He urged Paraguayans to uphold democracy and preserve institutions, adding that no position was more important than the stability of the republic and that no one stood above the country. Peña, 47, was elected president in April 2023. He belongs to the right-wing Colorado Party and succeeded Mario Abdo Benítez, who is also a member of the party.
