Santiago Peña resigns as President of Paraguay on Thursday, 5 November 2026, through a public statement. His decision comes amid mounting political pressure following the collapse of Ueno Bank, ending his presidency after just over three years. Peña took office on 15 August 2023.
“I have made the decision to submit my resignation as President of the Republic. I do so thinking about the stability of our country, social peace, and the need to preserve our democratic institutions,” President Peña stated in his resignation video.
President Peña’s resignation must now be considered by the National Congress, where most senators and deputies have indicated their willingness to accept it. The announcement follows growing demands for his departure and discussions about impeachment proceedings.
Santiago Peña resigns: “History will judge”
Santiago Peña, an economist and former finance minister, took office as president of Paraguay on 15 August 2023 after winning the 2023 election for the long-dominant Colorado Party. His government prioritised economic growth, social programmes such as the “Zero Hunger in Schools” initiative, job creation, security investments, and poverty reduction. He also deepened ties with the United States while maintaining Paraguay’s recognition of Taiwan.
“Today I address you at one of the most difficult moments of my life, with my heart set on Paraguay and with the conviction that our Republic must always stand above any person or circumstance,” President Peña continued his statement on 5 November. “History will judge and place in their proper perspective the events that we are living through today.”
“I also wish to apologise to the people if at any moment I have failed. It was never my intention to betray the trust that you placed in me. Every day I assumed this responsibility with the will to work for Paraguay. But today my priority is one alone: the peace of mind of the Paraguayans who entrusted their savings to our financial system.”
“My greatest wish is that the return of those resources be guaranteed, that the Deposit Guarantee Fund fulfil its purpose, and that public funds and the resources that belong to all Paraguayans be protected.”
What happens next for Paraguay?
Paraguay’s Congress began examining the impeachment initiative following an extraordinary session request. The proposal received 35 signatures in the 80-member Chamber of Deputies. Under Paraguay’s Constitution, impeachment requires a two-thirds majority in the lower house before proceeding to the Senate. Lawmakers must determine whether sufficient support exists to advance the accusations.
Meanwhile, the Ueno Bank crisis continues to affect customers seeking access to their savings. Authorities have announced measures intended to facilitate deposit repayments and protect public funds. The investigations into the institution’s collapse are expected to continue independently of the political proceedings. The outcome could have significant consequences for public confidence in Paraguay’s government and financial system.
