Paraguay: 2024 Article IV Consultation, Third Review Under the Policy Coordination Instrument, Modification of Targets, and First Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report

Paraguay: 2024 Article IV Consultation, Third Review Under the Policy Coordination Instrument, Modification of Targets, and First Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
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Volume/Issue: Volume 2024 Issue 200
Publication date: July 2024
ISBN: 9798400280030
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Topics covered in this book

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Finance , Money and Monetary Policy , Public Finance , Environmental Economics , E , World Bank engagement , IMF's holding , B , government policy , climate change adaptation , Paraguay's effort , Exchange rate arrangements , Public investment spending , Basel Core Principles , Credit , Global

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Summary

This paper presents Paraguay’s 2024 Article IV Consultation, Third Review under the Policy Coordination Instrument (PCI), Modification of Targets, and First Review under the Arrangement under the Resilience and Sustainability Facility (RSF). The PCI underpins Paraguay's economic strategy and structural objectives of maintaining macroeconomic stability and promoting social welfare and inclusion. The PCI is yielding positive results, though two targets were missed due to the identification of additional unrecorded healthcare-related expenditure. Three reform targets have been met. The new government is committed to continuing reforms guided by the PCI and RSF arrangements. It is crucial for Paraguay to rebuild fiscal buffers, ensure the sustainability of the public servants’ pension fund and enhance supervision of public enterprises to limit contingent risks. Taking decisive action against corruption to minimize reputational risks, reducing informality, and increasing international market integration will make Paraguay a significantly more attractive investment destination, including for green projects. Adaptation and mitigation measures should reduce the country"’s vulnerability to climate change and preserve its substantial natural assets and clean energy matrix.