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

Author: International Monetary Fund. Western Hemisphere Dept.

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

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

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Summary

Paraguay's economy is set to grow at around 4.5 percent in 2023, led by robust agricultural production and exports combined with high electricity generation. Inflation has receded rapidly allowing for a reduction of the monetary policy rate to the current 7.25 percent. The fiscal position of the central government is weaker than projected during the 1st PCI review, with a deficit of 4.1 percent of GDP in 2023, not least due to settlement of outstanding claims. The external current account reversed into a surplus. President Santiago Peña took office in August.