Who is José Antonio Ocampo, the next Finance Minister of Colombia, and why is his appointment well received?

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(CNN Spanish) --

The economist José Antonio Ocampo will be the next Minister of Finance of Colombia, as announced by the president-elect, Gustavo Petro.

This is a key announcement that has been very well received by various sectors, since Ocampo's trajectory is a signal for the market economy and investors, at the same time that it is considered as a support for the management of the progressive agenda of Petro.

Who is Ocampo and why has his appointment been praised?

José Antonio Ocampo, born in Cali in 1952, already has experience in that portfolio: he was Minister of Finance for Ernesto Samper between 1996 and 1997. Before that, he had been director of the National Planning Department (1994-1996) and Minister of Agriculture (1993- 1994).

In addition, he has a broad academic career: he has a degree in Economics and Sociology from the University of Notre Dame in 1972 and a doctorate in Economics from Yale University in 1976. He was a professor of Economics at the Universidad de los Andes and of Economic History at the National University of Colombia, as well as visiting professor at the Universities of Cambridge, Oxford and Yale.

He was director of the Foundation for Higher Education and Development (Fedesarrollo).

He is the author of books and articles on macroeconomics, monetary policy, economic development, and international trade.

José Antonio Ocampo (Credit: EVARISTO SA/AFP via Getty Images)

Ocampo, 69, is currently co-director of the Economic and Political Development Fellowship at the School of International and Public Affairs, a member of the Committee on Global Thought, and co-chair of Columbia University's Initiative for Policy Dialogue.

He is also the chairman of the Committee for Development Policy, an expert committee of the United Nations Economic and Social Council (Ecosoc).

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The international background of José Antonio Ocampo

Ocampo has worked in multilateral organizations and his resume is considered a good sign not only internally, but also outside the country.

He is the Colombian who has held the highest position in the history of the United Nations, according to his profile at the UN.

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He was United Nations Under-Secretary-General for Economic and Social Affairs from 2003 to 2007, appointed by Kofi Annan, and Director of the UN Department of Economic and Social Affairs (DESA).

He was executive secretary of the Economic Commission for Latin America and the Caribbean from 1998 to 2003.

In 2012 he was a candidate for the presidency of the World Bank, nominated by the G-11, representing developing countries.

The reactions

Ocampo's appointment has managed to garner praise from several quarters.

The current Minister of Finance, José Manuel Restrepo, wished him success and recognition.

Mauricio Cárdenas, Juan Manuel Santos' finance minister, said that "his experience, his knowledge and his firmness are a guarantee for everyone."

Bruce Mac Master, president of the National Association of Entrepreneurs, ANDI, the most important union in Colombia, pointed out that Ocampo "is a serious, experienced and reliable person, he knows the country, its finances and international markets. He is a very good signal his appointment as Gustavo Petro's Minister of Finance".

It is not something minor, since Mac Master had been critical of Gustavo Petro's economic program.

Former presidential candidate Sergio Fajardo called it a "right move" (Ocampo was Fajardo's adviser on the campaign).

The mayor of Bogotá Claudia López highlighted his "technical rigor, human and academic quality, and profound and responsible progressivism."

Jonathan Malagón, who was Iván Duque's Minister of Housing, says Ocampo's academic career, public service and technical leadership "are guarantors of great management."

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With information from Gerardo Lemos

Gustavo Petro