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International Monetary Fund. Western Hemisphere Dept.
After two consecutive years of GDP decline driven by external shocks, Paraguay’s economy rebounded in 2021. In 2019, drought and flooding reduced economic growth to -0.4 percent. In 2020, the impact of the pandemic on the secondary and tertiary sectors was partly compensated by a rebound of agriculture and an extensive emergency package, and GDP fell by only 0.8 percent. Growth rebounded to 4.2 percent in 2021, but heatwaves and a severe drought decelerated the recovery and have limited 2022 growth prospects, though a recovery is projected for 2023 and the medium-term. While the loss of agricultural export revenue is affecting Paraguay’s balance of payments in 2022, the external position in 2021 was stronger than the level implied by fundamentals and desirable policies.
International Monetary Fund. Western Hemisphere Dept.

Law, which is still awaiting discussion in Congress. Rebuilding fiscal space is even more important considering Paraguay’s substantial spending needs in critical sectors for long-term inclusive growth . The Covid-19 pandemic has laid bare shortcomings in the public health system, but education is also under-resourced, and investment needs in basic infrastructure and resilience to climate change are large. Eliminating waste and raising public spending efficiency would be part of the response, as well as greater involvement of the private sector, for example through

Valentina Flamini and Mauricio Soto
Following a benchmarking exercise, we estimate the spending required to reach satisfactory progress in the Sustainable Development Goals in the health, education, and infrastructure sectors in Brazil. We find that there is room for savings in education (up to 1.5 percentage point of GDP) and health (up to 2.5 percentage points of GDP) without compromising the quality of services but additional investments for over 3 percent of GDP per year are needed to close large infrastructure gaps in roads, water, and electricity by 2030. Brazil can do more with less, but increasing efficiency of public spending will require substantial reforms.
Valentina Flamini and Mauricio Soto

fiscal consolidation needs? Our estimates suggest room for public savings of about 3 percent of GDP per year in the health and education sectors (once the share of private savings in the health sector is accounted for), and substantial spending needs of 3½ percent of GDP to close Brazil’s infrastructure gap, in particular related to roads. The estimated savings in health and educations are consistent with the limit imposed by the constitutional spending ceiling ( teto ) and would respect the respective constitutional floors. Achieving such savings would require

International Monetary Fund

mobilization in developing countries In March 2011, the Executive Board discussed revenue mobilization in developing countries. 39 Executive Directors broadly agreed with the main principles and recommendations in the staff’s analysis of the topic, stressing that their application should pay due regard to member countries’ specific circumstances and the appropriate sequencing of reforms. They underscored the important role of the Fund in continuing to support developing countries’ efforts to mobilize domestic revenue to meet their substantial spending needs and expressed

International Monetary Fund. Western Hemisphere Dept.

generated substantial spending needs to mitigate the economic, social and humanitarian impact . Efforts are concentrated on supporting the fragile health system and providing targeted support to families, workers, and firms. Additional crisis-related spending needs are estimated at 2.1 percent of GDP in 2020, including emergency healthcare expenditures (0.9 percent of GDP), temporary unemployment benefits to formal workers, delivery of food supplies to poor families, and cash transfers to informal workers. The authorities have identified significant nonpriority spending

International Monetary Fund

strong, largely owing to a better-than-expected revenue collection, but also to cuts in non-priority spending. With substantial spending needs in the last quarter, the authorities aim to limit the 2008 general government budget deficit to 1.3 percent of GDP, up from a deficit of 0.3 percent of GDP in 2007. The 2009 budget deficit will increase somewhat further, to 1.7 percent of GDP, with sizable additional spending cuts (partly possible because large one-off outlays in 2008 to the energy and agricultural sectors, amounting to about 1½ percent of GDP, will not be

International Monetary Fund

spending needs are still unmet, including on Darfur and demobilization. They indicated that if unexpected spending pressures arise, they would be willing to phase back in the oil excise tax. The possibility of higher-than–projected oil revenues will also provide additional cushion. IV. S taff A ppraisal 47. The authorities’ commitment to economic reforms is commendable. They have implemented a relatively broad-based reform agenda, maintained macroeconomic stability, and achieved high economic growth. These achievements should facilitate the transition to a

International Monetary Fund. Western Hemisphere Dept.

discussion in Congress. 51. Rebuilding fiscal space is even more important considering Paraguay’s substantial spending needs in critical sectors for long-term inclusive growth . The Covid-19 pandemic has laid bare shortcomings in the public health system, but education is also under-resourced, and investment needs in basic infrastructure and resilience to climate change are large. Eliminating waste and raising public spending efficiency would be part of the response, as well as greater involvement of the private sector, for example through public-private partnerships

International Monetary Fund
This paper examines Sudan’s 2005 Article IV Consultation and the Final Review of the 2004 and 2005 Staff-Monitored Program (SMP). Between 2001 and 2004, the economy of Sudan grew at an average rate of 6.4 percent per year, and the non-oil sector expanded at an annual rate of 5.3 percent. The program for 2005 is based on prudent financial policies. The program will need to be adjusted by midyear to reflect additional financing arising from higher oil prices and aid and previously unfunded expenditures on social and infrastructure projects.