Paraguay: First Review Under the Policy Coordination Instrument and Request for Modification of Targets-Press Release; Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 207

Publication date: June 2023

ISBN: 9798400245756

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Topics covered in this book

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Banks and Banking , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , policy buffer , inflation target band , macroeconomic policy , Policy recommendation , Policy discussion , policy meeting , IMF's transparency policy , Government debt management , Inflation , Public sector , Structural reforms , Global

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Summary

Recent developments: Paraguay continues to recover from last year’s severe drought, with economic growth for 2023 expected at 4.5 percent. The recovery of agricultural exports is also contributing to an improved external current account, easing potential pressures on the exchange rate. In the context of a continued tight monetary policy stance, inflation has been declining over the last twelve months. The government successfully reduced the fiscal deficit to 3 percent of GDP, and fiscal policies remain on the envisaged consolidation path. Paraguay’s financial and banking sector remains stable. On April 30, Paraguay held national elections in which the candidate for the ruling Colorado party, Santiago Peña, was elected President by a significant margin.