Velasco has received several distinctions, such as the Award for Excellence in Research granted by the Inter-American Development Bank (IDB), in recognition for his contributions to economic research, the design of policies, and the creation of research institutions in Latin America and the Caribbean (2006), "Latin America Finance Minister of the Year" by Emerging Markets magazine, published by Euromoney Institutional Investor plc during the annual meetings of the World Bank and the International Monetary Fund, based on the preferences of the most influential economists, investors and experts in the region (2008), and an award from "América Economía" magazine, which also considered him as "Finance Minister of the Year". In 2009, "Latin Trade" magazine gave him the price for the "Most Innovative Leader of the Year".