Lead Securities Markets Specialist - World Bank


Ana Fiorella Carvajal is an expert with over 25 years of experience in financial sector issues, with a focus on securities markets regulation and supervision and shadow banking.

Since October 2013, Ms. Carvajal works as Lead Financial Sector Specialist at the Finance and Markets Global Practice of the World Bank Group. Prior to her work at the WBG, she worked as Senior Financial Sector Expert at the International Monetary Fund (IMF), which she joined in 2005.

Through these positions Ms. Carvajal has helped to form the position of the Bank and the Fund on issues pertaining the regulation and supervision of securities markets and shadow banking. She has also led policy work for the G20 agenda on the use of capital markets for infrastructure and SME financing. She has provided advisory services in these topics in a wide range of countries, including Argentina, Brazil, Chile, Colombia, Indonesia, Kenya, Jamaica, Lebanon, Morocco, Peru, Romania and Turkey.

She has participated in financial sector stability assessments (FSAPs) of the largest capital markets including Canada, China, France, Hong Kong, India, Italy, Japan, Spain and the United States. In all these countries she has been responsible for the assessment of the securities markets against the IOSCO Principle and Objectives of Securities Regulation.

Prior to joining the Fund, Ms. Carvajal held several positions in Costa Rica that allowed her to build her expertise in securities markets issues. She was General Counsel at the Superintendencia General de Valores (SUGEVAL), the securities markets regulator; Legal Advisor to two Ministers of Finance; and Senior Advisor at the Legislative Assembly of Costa Rica.

Ms. Carvajal holds a Master degree of Public Administration and a Law degree.