 Borja served as Minister of Economy and Finance of the Republic of Ecuador from December 28, 2005 to July 7, 2006.In that position he was named Governor of the Development Bank of Latin America (CAF), the Inter-American Development Bank, the International Bank for Reconstruction and Development or World Bank, and the International Monetary Fund.Under his leadership, a reform of the Hydrocarbons Law (Ley de Hidrocarburos) was enacted so the Ecuadorian state could recover 50% of the revenues produced by private oil companies.