Portuguese Finance minister and president of the Eurogroup Mario Centeno speaks to the press after holding a teleconference with other EU finance ministers on the new coronavirus response at the Finance Ministry in Lisbon on March 04, 2020. (CARLOS COSTA / AFP)

LISBON - Portugal’s Finance Minister Mario Centeno, credited with reversing long-standing austerity policies while also achieving the country’s first budget surplus in 45 years, will resign on June 15, the president said on Tuesday.

Life is made up of cycles and I want to publicly express that I understand and respect that Dr. Mario Centeno wants to open a new cycle in his life

Antonio Costa, Prime Minister, Portugal

Centeno, who is also chairman of the Eurogroup of euro zone finance ministers, had asked to stand down, President Marcelo Rebelo de Sousa said in a statement published online.

ALSO READ: Portuguese PM praises 'one country, two systems'

He said Centeno will be replaced as finance minister by Joao Leao, currently serving as budget secretary of state.

“Life is made up of cycles and I want to publicly express that I understand and respect that Dr. Mario Centeno wants to open a new cycle in his life,” Prime Minister Antonio Costa told a news conference shortly after the announcement.

Portugal’s economy is in a fragile state as it gears up to face the full impact of the coronavirus outbreak on its export-oriented, tourism-dependent economy, which is expected to contract around 6.9% this year.

READ MORE: Socialists tipped to stay in power as Portugal votes

Leao, 46, has served as budget secretary for the Socialist government since 2015.

Under the previous centre-right administration he was a member of the Economic and Social Council working in the Ministry of the Economy and serving as a delegate to the OECD.