CHILE

On June 13, President Sebastián Piñera replaced Economy Minister José Ramón Valente with Andrés Fontaine, formerly the Minister of Public Works, as part of a cabinet reshuffle. The new Minister of Economy had already held the same position during Piñera’s first administration.

Fontaine has a degree in Commercial Engineering from the Catholic University of Chile. In 2010 he headed up the Ministry of Economy for almost a year and more recently has been in charge of the Ministry of Public Works.

The Executive also confirmed Mario Farren, former head of the Banking and Financial Institutions (SBIF) Superintendency, as the new presidential cybersecurity advisor. His task will be to “coordinate public actions and policies to deal with issues related to cybersecurity with the public and private sectors.”

The cabinet reshuffle took place after the Central Bank published a report showing the extent of the economic downturn in the country, prompting the executive to make changes in the cabinet, with the stated aim of rebuilding trust with the private sector.  Alfredo Moreno was also designated as the Minister for Public Works, a key area earmarked for for future investment by the government.