*Paraguay’s economy & finance minister, Carlos Fernández Valdovinos, has presented the government’s 2025 budget proposal to congress for G$132.9trn (US$17.56bn), an increase of 14% in comparison to the 2024 budget. Fernández stated that the required resources were available to finance the budget thanks to a high tax take. Fernández added that it was one of the most important budgets in the history of Paraguay, given it is the first since Paraguay obtained investment grade status. He also said that the fiscal convergence plan, which for next year indicates a maximum deficit of 1.9% of GDP, would be respected. Fernández stated that tax take for next year was forecast to increase by 7.5% as compared to that expected for this year, bringing in some additional US$870m which he said would be distributed among four priority sectors: health, education, security, and social protection.
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LatinNews Daily - 2 September 2024
In brief: Paraguay’s gov't presents 2025 budget proposal to congress
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