Paraguay: Request for a Stand-By Arrangement

Volume/Issue: Volume 2004 Issue 066

Publication date: March 2004

ISBN: 9781451832396

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Taxation - General , Business and Financial , ISCR , CR , government , consumer price inflation , pension reform Law , Senate vote , Paraguay's monetary policy , asset quality , Public sector , Commercial banks , Public enterprises , Arrears , Middle East , Eastern Europe , East Asia , North Africa , Sub-Saharan Africa , Global

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Summary

The Paraguayan authorities have prepared an economic program to stabilize their macroeconomic situation and begin a process of structural reform. Fiscal adjustment and structural reforms should pave the way for more rapid growth over the medium term. Despite these expected improvements in economic policies and performance, Paraguay remains vulnerable to external shocks. The fiscal situation has deteriorated sharply in recent years. Severe financing constraints have produced sizable public sector payments arrears. On the revenue side, the government's fiscal strategy is to raise revenues while minimizing increases in tax rates.