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Governance and Team

Governance and Team

FLAR has a simple governance structure

Its main governing bodies are:

Assembly of Representatives
Board of Directors
Executive Presidency

The decisions of the Board of Directors and the Assembly require a majority of 3/4 of those present, except in some special cases which require a larger majority.

Assembly of Representatives

It is FLAR’s highest authority. It meets ordinarily once a year and its members are the Ministers of Finance or equivalent of the member countries, or the corresponding official designated by the respective government. Each representative of the full members as of 2021 is entitled to one vote, regardless of the amount of their paid-in capital. Those who belong to countries that accede to the Constitutive Agreement will subsequently earn the right to one vote once they pay and maintain the minimum capital amount required for that purpose.

Sus principales funciones son, por recomendación del directorio:

  • Determine FLAR’s general policies.

  • Approve the annual budget.

  • Approve reserves and profit distribution.

  • Approve the entry of new members.

Members
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Bolivia

Marcelo Alejandro Montenegro Gómez

Minister of Economy and Public Finance of the Plurinational State of Bolivia

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Colombia

Ricardo Bonilla González

Minister of Finance and Public Credit – Republic of Colombia

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Costa Rica

Nogui Acosta Jaén

Minister of Finance – Republic of Costa Rica

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Ecuador

Pablo Arosemena

Minister of Economy and Finance – Republic of Ecuador

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Paraguay

Óscar Llamosas

Minister of Finance – Republic of Paraguay

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Peru

Alex Contreras Miranda

Minister of Economy and Finance – Republic of Peru

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Uruguay

Azucena María Arbeleche

Minister of Economy and Finance – Eastern Republic of Uruguay

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Venezuela

Delcy Rodríguez

Minister of the People’s Power of Economy, Finance and Public Banking – Bolivarian Republic of Venezuela

Bolivia

Marcelo Alejandro Montenegro Gómez
Minister of Economy and Public Finance of the Plurinational State of Bolivia

Costa Rica

Nogui Acosta Jaén
Minister of Finance - Republic of Costa Rica

Paraguay

Óscar Llamosas
Minister of Finance - Republic of Paraguay

Uruguay

Azucena María Arbeleche
Minister of Economy and Finance - Eastern Republic of Uruguay

Colombia

José Antonio Ocampo
Minister of Finance and Public Credit - Republic of Colombia

Ecuador

Pablo Arosemena
Minister of Economy and Finance - Republic of Ecuador

Peru

Oscar Graham Yamahuchi
Minister of Economy and Finance - Republic of Peru

Venezuela

Delcy Rodríguez
Minister of the People's Power of Economy, Finance and Public Banking - Bolivarian Republic of Venezuela

Board of Directors

Its members are the Governors of the central banks of the full members (member countries), the Governors of the associate central banks, and FLAR’s Executive President of FLAR, who chairs it. Each director is entitled to one vote. However, the central bank Governors of the full members as of 2021 have the right to permanently vote, regardless of the amount of their paid-in capital. All other directors shall be entitled to one vote once their contribution has been paid and as long as they maintain the minimum capital amount required for that purpose.

It meets at least twice a year and deals with:

  • Formulating FLAR policies and strategies within the general policies approved by the Assembly.

  • Approve balance-of-payment support loans or guarantees.

  • Establish FLAR’s investment guidelines.

  • Making recommendations to the Assembly::

    -Formulate FLAR’s general policies.
    -Approve the annual budget.
    -Approve reserves and the distribution of profits.
    -Approve the entry of new members.

Members
Bolivia

Roger Edwin Rojas
President (A) Central Bank of Bolivia

Chile

Rosanna Costa
President Central Bank of Chile

Costa Rica

Róger Madrigal López
President Central Bank of Costa Rica

Paraguay

José Cantero Sienra
President Central Bank of Paraguay

Uruguay

Diego Labat
President Central Bank of Uruguay

Colombia

Leonardo Villar
General Manager Bank of the Republic

Ecuador

Tatiana Rodríguez Cerón
Minister of Economy and Finance

Perú

Julio Velarde Flores
Chairman of the Board Central Reserve Bank of Peru

Venezuela

Calixto Ortega Sánchez
President Central Bank of Venezuela

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Bolivia

Roger Edwin Rojas

President (A) Central Bank of Bolivia

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Chile

Rosanna Costa

President Central Bank of Chile

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Colombia

Leonardo Villar

General Manager Bank of the Republic

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Costa Rica

Róger Madrigal López

President Central Bank of Costa Rica

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Ecuador

Tatiana Rodríguez Cerón

Minister of Economy and Finance

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Paraguay

José Cantero Sienra

President
Central Bank of Paraguay

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Perú

Julio Velarde Flores

Chairman of the Board Central Reserve Bank of Peru

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Uruguay

Diego Labat

President
Central Bank of Uruguay

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Venezuela

Calixto Ortega Sánchez

President
Central Bank of Venezuela

José Darío Uribe

Executive President

Biography
Executive Presidency

This is the fund’s permanent technical body. It is headed by the Executive President, who is elected by the Board of Directors for a 3-year period, with the possibility of being reelected.

The main duties of the Executive President are to:

  • Chair the Board of Directors, with voice but without the right to vote.

  • Recommend the main policies and strategies to the Board.

  • Approve loans or other contingency and liquidity financial supports.

  • Direct FLAR’s administration and conduct the operations to meet the institutional objectives.

Since July 23, 2017, FLAR’s Executive President is José Darío Uribe, Colombian economist who served as General Manager (Governor) of the Central Bank of Colombia (Banco de la República) for 12 years.

Senior Management

It is comprised by the Executive Presidency, the General Secretariat, Legal Counsel and the Risk, Financial, Economic Studies and Corporate Services Directorates.

Members

José Darío Uribe

Executive President

Biography

Fidel Jaramillo

 Secretary General

Biography

María Fernanda Acosta

 Legal Counsel

Biography

Carlos Álvarez

 Risks Director (CRO)

Biography

Carlos Giraldo

 Chief Economist

Biography

Patricia Morales

 Director of Corporate Services

Biography

Iker Zubizarreta

 Financial Director (CFO)

Biography
Organization chart
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FLAR contributes to the well-being of Latin America and the Caribbean by promoting macroeconomic and financial stability in the region.

Information
Calle 84 A No. 12-18 Piso 7. Bogotá – Colombia
Telephone: (+571) 634 4360
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© Copyright 2012- 2024 FLAR All rights reserved
José Darío Uribe

Executive President

He was the general manager of the Banco de la República (central bank of Colombia) for 12 years, after holding the positions of technical manager and deputy manager of economic research of the same entity. He has been a professor of economics at the Andes and Javeriana universities in Bogotá, Colombia.

Fidel Jaramillo

Secretary General

Economist from the Universidad Católica of Ecuador and Ph.D. in economics from Boston University. He served as regional economic advisor to the Andean countries and as IDB representative in Peru, Panama and Costa Rica; Chief Economist and Vice President of Development Strategies at CAF; Minister of Economy and Finance and General Manager of the Central Bank of Ecuador; Dean of the Business School of UDLA Ecuador.

María Fernanda Acosta

Legal Counsel

Lawyer from the Universidad Javeriana (Colombia), master in Private Law from the Universidad de los Andes (Colombia), where she also earned a specialization in Financial Legislation, as well as a specialization in International Law from the Universidad del Rosario (Colombia). She joined FLAR in 2014 as Legal Affairs Manager. Previously, she served as a lawyer for private financial institutions.

Carlos Álvarez

Director of Risks

CFA, Industrial Engineer from the Universidad de los Andes, with an MBA from Columbia University. He has been FLAR’s Chief Risk Officer since 2018 and also served as Deputy Director of Reserves. Previously, he worked at the Banco de la República (central bank of Colombia) in different positions involving investment management international reserves’ risks.

Carlos Giraldo

Chief Economist

He has worked at FLAR since 2004, where he has also been Director of Research and Development, Deputy Director of Economic Studies, International Economist and Junior Economist. He holds a Ph.D. in Economics from the Universidad del Rosario, a master’s degree in Environmental Economics and Natural Resources from the Universidad de los Andes and the University of Maryland, a master’s degree in Economics from the Universidad de los Andes and a bachelor’s degree in Economics from the Universidad de Antioquia. He has been a professor at these last two universities.

Patricia Morales

Director of Corporate Services

Economist from the Universidad de los Andes in Colombia with a master’s studies in Agricultural Economics at the Universidad Católica de Chile and in Economics at the Universidad de los Andes.

She has held management positions in human talent, administrative and project areas in the financial, telecommunications and consulting sectors, among others.

Iker Zubizarreta

Financial Director (CFO)

CFO since 2007. He joined FLAR in 2005 as Director of Financial Research. He previously served at the Central Bank of Venezuela, holding positions including Portfolio Manager and Deputy Head of the International Investment Department. Iker earned an MBA with specialization in financial engineering from MIT, and a bachelor’s degree in Business Administration from Barton College.