London and New York, 2 April 2024 – Leading global professional services firm Alvarez & Marsal (A&M) has strengthened its Sovereign Advisory Services (SAS) global practice with the appointment of Mr. Richard Martinez, one of the leading policymakers in Latin America and the Caribbean, as a Senior Advisor.

Mr. 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 and, more recently, the Vice President for Countries at the Inter-American Development Bank (IDB).

His appointment strengthens A&M's commitment to supporting governments, central banks, multilateral development banks, and state-owned enterprises (SOEs), furthering the SAS mission to assist clients in improving debt sustainability, increasing access to capital, and promoting sustainable economic growth.

During his tenure at the IDB, Mr. Martinez led the dialogue with finance ministers from 26 countries, overseeing the development of loan programs valued at US$13 billion per year. As Minister of Finance, he spearheaded key reforms to correct macroeconomic imbalances. He achieved a successful restructuring of Ecuador’s external debt of US$17 billion, renegotiated its debt with China for US$3.2 billion, and secured an Extended Fund Facility (EFF) agreement with the IMF for US$6.5 billion.

Mr. Martinez will be based in Washington, D.C. and report to Dr. Reza Baqir, Global Practice Leader of SAS. Mr. Martinez will work closely with Eugenio Alarcon, who joined A&M’s SAS practice as a Managing Director in January 2024 to focus on the Latin America and Caribbean region.

Mr. Martinez said, “It is a privilege to contribute to the expansion of A&M’s Sovereign Advisory Services practice in Latin America and the Caribbean (LAC). The region requires innovative solutions to its economic challenges, tailored to the diversity and specific conditions of each nation. LAC is key to global economic progress, however, and offers significant regional opportunities in a variety of critical industrial sectors, such as renewable energy, infrastructure, utilities, and others. I am looking forward to working alongside talented colleagues at A&M to help governments and organizations across the region address these challenges.”

Dr. Baqir, Managing Director and Global Practice Leader for Sovereign Advisory Services, commented, "We are excited to welcome Richard as a Senior Advisor in SAS. 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 A. Briggs, Managing Director and Division Executive of A&M’s 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."

Mr. Martinez has held other senior positions including Chairman of the Board of CAF-Development Bank of Latin America and President of the Assembly of Governors of the IDB. Notable past private-sector roles include Chairman of the Board of the Ecuadorian Business Committee and Executive President of the Chamber of Industries and Production.

About Alvarez & Marsal

Companies, investors, and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action, and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.

With more than 9,000 people delivering services across six continents, we deliver tangible results for corporates, boards, creditors, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies and governments to act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former government officials, and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic asset, managing risk and unlocking value at every stage of growth.

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