*The International Monetary Fund (IMF)’s deputy managing director, Kenji Okamura, has said that Paraguayan authorities “continue to implement policies aimed at maintaining macroeconomic stability that have translated into robust economic growth, low inflation, thriving exports, and a stable banking system”. His comments were cited in an IMF statement, following the IMF Executive Board’s conclusion of an Article IV Consultation, along with a Third Review under the Policy Coordination Instrument (PCI), modification of targets, and the First Review of the Arrangement under the Resilience and Sustainability Facility (RSF) for Paraguay. The IMF noted that Paraguay posted GDP growth of 4.7% in 2023 and is forecasting 3.8% GDP growth in 2024 which it describes as “robust post-drought growth, driven by significant contributions from the agriculture and electricity sectors”. Meanwhile the IMF projects inflation will close 2024 at 4.0%, up from 3.7% in 2023 which it notes is in line with the central bank’s 4% target. The IMF statement highlights that “the external current account was in surplus, attributed to solid export performance, while the Guarani maintained relative stability”. However, it adds that “the fiscal outlook worsened, partly due to settlement of previously unrecorded claims suppliers”.
Back
LatinNews Daily - 28 June 2024
In brief: IMF hails Paraguay’s robust post-drought growth
- ARGENTINA: Milei’s key bills clear final hurdle
- BOLIVIA: Arce denies ‘self-coup’
- In brief: Colombia’s Ecopetrol planning to import Venezuelan gas
- BRAZIL: Lula affirms there is room for spending cuts
- In brief: Brazil’s central bank increases growth forecast
- EL SALVADOR: Layoffs of culture ministry employees announced
- In brief: El Salvador’s central bank raises 2024 growth projection
- MEXICO: Sheinbaum confirms close ally as energy minister
- In brief: Mexico’s Banxico holds interest rates again
- In brief: IMF hails Paraguay’s robust post-drought growth