Paraguay: 2004 Article IV Consultation and Second Review Under the Stand—By Arrangement and Requests for Waiver and Modifications of Performance Criteria—Staff Report; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Paraguay
International Monetary Fund, Feb 18, 2005 - Business & Economics - 94 pages
This paper examines Paraguay’s 2004 Article IV Consultation and Second Review Under the Stand-By Arrangement and Requests for Waiver and Modifications of Performance Criteria. Paraguay’s economy has stabilized in 2004, but growth remains modest. A late season drought depressed output of soy, the largest export crop, reducing expected agricultural output growth to near zero, but non-agricultural output is recovering. The guaraní has strengthened by 4 percent against the U.S. dollar so far in 2004. The fiscal situation has improved markedly since the new government took office in August 2003.
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2004 performance criterion Administrative Reorganization audits August 31 Bank of Paraguay banking system Banque Worms bilateral arrears billions of guaranies Capital adequacy ratio Central Bank central government consolidated public sector criteria Daily Daily December 31 deﬁcit deﬁned disputed arrears E-mail E-mail E-mail end-August end-December End-of-period expenditure Exports extemal external arrears external debt ﬁnancing ﬁscal Fiscal Adjustment Law ﬂows Fund staff estimates GDP deﬂator govemment implementation improve income tax increase inﬂation interest rate International Monetary Fund international reserves investment June June 25 loans March 31 MDGs measures medium-term Memorandum items Millennium Development Goals millions of U.S. millions ofU.S Ministry of Finance Overall balance Paraguay’s Passage by Congress percent of GDP Petropar Primary balance prior action private sector Prog public banking public enterprises Public sector debt ratio Reorganization and Fiscal Resolution Law Table tax administration test date U.S. dollars World Bank