Mercedes Araoz (MA '91) is sworn in as Peru's minister of finance at    the country's Presidential Palace.

An alumna of the School of Business has been named as Peru's first female minister of finance.

Mercedes Araoz, who graduated with a master in economics in 1991, was sworn into her new position in late December.

"This is the first time in Peru's history that a woman is appointed minister of finance. It's an important goal, she's a professional with a major in economics who has worked efficiently in the Ministries of Production and Foreign Trade, "Peru's President Alan Garcia told the state news agency ANDINA in announcing the Araoz appointment.

Araoz previously served as Peru's minister of production as well as the minister of foreign trade and tourism. In that role, she oversaw the signing of several free-trade deals including Peru's high-profile pact with the United States, according to Reuters. Araoz was in Washington, D.C. this week to meet with U.S. Treasury Secretary Timothy Geithner.

A question-and-answer article featuring Araoz speaking about her new position was published this month in Living in Peru.