Paraguay: Request for Stand-By Arrangement—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Paraguay
Volume/Issue:
Volume 2006
Issue 302
Publication date: August 2006
ISBN: 9781451832518
$20.00
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Topics covered in this book
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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , authority , reform agenda , government arrears , monetary policy , SDR , government reform agenda , supportive monetary policy , monetary authorities , prudent fiscal policy , government of Paraguay , Public sector , Inflation , Currencies , Caribbean
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Summary
The authorities’ program for 2003–05, supported by the previous Stand-By Arrangement (SBA), successfully stabilized the economy despite difficult conditions. A new economic program for 2006–08 is needed to consolidate macroeconomic stability, address remaining vulnerabilities, and create the conditions for higher growth. In the context of a benign environment, inflation fell significantly to 2¾ percent in 2004—the lowest inflation rate since the early 1970s. The return of capital flight in 2004 satisfied increases in the demand for money and generated a rapid growth of monetary aggregates.
