Paraguay: Second Review Under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability

Second Review Under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Paraguay

Paraguay: Second Review Under the Policy CoorInstrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility-Press Release
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Volume/Issue: Volume 2024 Issue 001
Publication date: January 2024
ISBN: 9798400261237
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Topics covered in this book

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Banks and Banking , Money and Monetary Policy , Public Finance , International - Economics , Environmental Economics , Public Policy- Environmental Policy , inflation expectation , inflation-targeting regime , sound capacity , BCP credit survey , RSF request , Climate change , Electricity , Global , South America

Summary

This paper presents Paraguay’s Second Review under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility (RSF). The government is committed to continued prudent macroeconomic policies and the implementation of structural reforms, including a series of adaptation and mitigation measures and to preserve and expand its green energy matrix. Barring global and weather-related external shocks, Paraguay’s growth prospects are bright. It remains important for Paraguay to rebuild fiscal buffers, including through implementation of long-standing structural reforms. The re-establishment of the fiscal deficit rule by 2026 is rightfully the government’s key priority. The authorities are committed to implementing an ambitious set of climate-related reforms consistent with maximum access under the RSF. The commitment to implement an ambitious matrix of climate-related reforms, closely coordinated with development partners, will help enhance the country’s image as a ‘green’ investment destination.