Officials from Paraguay's ruling Colorado Party said Finance Minister Santiago Peña will run in the country's 2018 presidential elections, a move that will require him to resign from his current position once his candidacy is officially confirmed, Reuters reported.

His candidacy is projected to become official in the coming days, and although there are only a small number of other clear candidates, the 38-year-old economist will probably have to fight more experienced party veterans to secure the Colorado nomination, according to the newswire.

In recent interviews, Peña has signaled that he would work to prevent an increase in taxes and would also look to expand social programs, policies that mirror those of current President Horacio Cartes.

In March, a majority of Paraguayan senators privately voted in favor of a controversial bill that would enable Cartes to seek re-election in 2018. However, the move triggered strong protests and Cartes subsequently said he would not run again.