Western Hemisphere > Paraguay

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Mr. Alun H. Thomas and Ms. Rima A Turk
Against the backdrop of high international food and fertilizer prices, this paper discusses food insecurity in Nigeria, investigates its drivers in a cross-country setting, and assesses the role of policies. Using two proxies for food security, we find that high per capita consumption, high yields and low food inflation support food security. Cross-country estimates of yields and production provided by the FAO/OECD reveal that use of inputs is lower in Nigeria than in other countries, and that policies to raise crop yields positively correlate with better food security conditions. The paper also uses detailed domestic commodity price indices to assess linkages with international prices and the role of import bans. Central bank policies for funding agriculture and import bans have not managed to stimulate agricultural output nor moderated the impact of international food prices. Rather, policies should focus on use of inputs that are severely underused in Nigeria as elsewhere in SSA.
International Monetary Fund. Western Hemisphere Dept.
Paraguay continues to recover from the COVID-19 pandemic amidst simultaneous shocks that would lead to flat GDP growth and inflation above the IT range this year. Those conditions are reflected in rising social demands within a politicized environment before the 2023 general elections. The outlook remains favorable, and the authorities are pursuing policies to follow a stronger, more resilient, and inclusive development path. On the back of very positive experiences with Fund-supported programs, the authorities are requesting approval of a two-year program supported by the Policy Coordination Instrument (PCI) to underpin the implementation of needed structural reforms.
International Monetary Fund. Western Hemisphere Dept.
This paper discusses Paraguay’s request for a two-year Policy Coordination Instrument (PCI). Paraguay continues to recover from the coronavirus disease 2019 pandemic amidst simultaneous shocks that would lead to flat GDP growth and inflation above the Central Bank’s target range. The PCI aims to address the current challenges and foster policy continuity that would encompass two years, the last year of the current and the first year of the next administration. Program reviews take place on a semiannual fixed schedule. While the PCI involves no use of IMF resources, successful completion of program reviews would help signal Paraguay’s commitment to continued strong economic policies and structural reforms. Rebuilding policy buffers and returning to the fiscal deficit ceiling of 1.5 percent of GDP in 2024 will be critical to ensure macroeconomic stability. Important measures include enhancing domestic revenue mobilization, reforming the public pension fund, and raising the efficiency of the public sector. The authorities are focused on fostering the conditions for sustained economic growth, bolstering the efficient use of public resources, and creating more favorable conditions for private investment.
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Central Bank of Paraguay (BCP), a joint technical assistance (TA) mission from the IMF’s Monetary and Capital Markets Department (MCM) and the Legal Department (LEG), provided offsite TA between June 15 and July 8, 2021 on options to enhance the existing resolution framework and the Deposit Guarantee Fund (DGF). The mission engaged in policy discussions with the authorities, building on the recommendations of the Financial System Stability Review that was completed by MCM staff in October 2017. Based on these discussions, it provided several recommendations to strengthen the existing DGF and bank resolution framework, and further buttress the arrangement for crisis preparedness and management.