Former Ecuadorian minister Richard Martinez joins Alvarez & Marsal

03 April 2024 2 min. read
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Ecuador’s former Minister of Finance, Richard Martinez, has joined Alvarez & Marsal as a Senior Advisor in its Latin America business.

Appointed a member of the firm’s Sovereign Advisory Services practice, Richard Martinez brings extensive experience in public policy and finance to the global consulting firm. Operating out of the United States, Martinez will advise clients in Latin America and the Caribbean region.

“I am looking forward to working alongside my new talented colleagues at Alvarez & Marsal to help governments and organizations across the region address their economic and financial challenges,” Martinez said.

Former Ecuadorian minister Richard Martinez joins Alvarez & Marsal

Martinez has a deep understanding of public policy management and strategic financing.

He was the Ecuadorian Minister of Finance from May 2018 to November 2020. In the position, he spearheaded key reforms to correct macroeconomic imbalances. He achieved a successful restructuring of Ecuador’s external debt of $17 billion, renegotiated its debt with China for $3.2 billion, and secured an Extended Fund Facility agreement with the IMF for $6.5 billion.

More recently, Martinez was the Vice President for Countries at the Inter-American Development Bank (IDB). In this role, he led the dialogue with finance ministers from 26 countries, overseeing the development of loan programs valued at $13 billion per year.

In other notable positions, Martinez served as Chairman of the Board of CAF-Development Bank of Latin America, President of the Assembly of Governors of the IDB, Chairman of the Board of the Ecuadorian Business Committee, and Executive President of the Chamber of Industries and Production.

“We are excited to welcome Richard to the firm,” said Reza Baqir, Managing Director and Global Practice Leader for Sovereign Advisory Services at Alvarez & Marsal. “His experience as Finance Minister of Ecuador, which included the restructuring of Ecuador’s debt and his first-hand experience in policymaking, as well as his experience at the IDB, greatly enhances our offering to sovereign clients, and adds immense value to our practice.”

Peter Briggs, Managing Director and Division Executive of the Sovereign Advisory Services practice, added: “Richard’s addition reflects our commitment to excellence in serving governments in Latin America and the Caribbean. His experience and relationships will enhance our ability to leverage the breath of services that Alvarez & Marsal can offer to its public-sector clients and tackle the complex challenges they face today in this region.”

Globally, US-headquartered Alvarez & Marsal has more than 9,000 consultants across six continents.