Press Release No. 19/176

IMF Executive Directors Conclude Visit to Paraguay

May 17, 2019

A group of Directors from the 24-member Executive Board [1] of the International Monetary Fund (IMF) comprising Mr. Sami Geadah, Mr. Zhongxia Jin, Mr. Gabriel Lopetegui, Mr. Maher Mouminah, Mr. Thomas Ostros, and Mr. Piotr Trabinski visited Paraguay from May 16-17. At the end of their visit, the Executive Directors issued the following statement:

“Paraguay and the International Monetary Fund have enjoyed a long and a very positive relationship. Our visit to Asunción was an opportunity to strengthen our engagement with the country and learn firsthand about the authorities’ policies to continue improving the country’s economy. We also learned more about the challenges Paraguay faces and discussed how the IMF can contribute. We had the honor to meet with President Mario Abdo Benitez, Finance Minister Benigno Lopez, Central Bank Governor José Cantero Sienra, other senior officials, as well as members of congress, representatives of the private sector and students.

“The Paraguayan economy has performed very strongly over the past decade and a half, enjoying one the fastest rates of growth in the region. Sound macro-economic policies, including credible monetary policy and low fiscal deficits and debt have contributed to enviable resilience. Paraguay has also made very important strides on the social front. Income inequality and poverty rates have fallen substantially over the past 15 years. Looking ahead, continued efforts to facilitate diversification and improve productivity growth will raise living standards for all Paraguayans, and boost convergence with advanced countries.

“The Fund has worked with Paraguay through policy dialogue and the provision of technical assistance and capacity development to help improve the design and implementation of its policies. Going forward, we expect to continue strengthening our excellent cooperative relation.

“We would like to thank the authorities and the people of Paraguay for their warm welcome and open dialogue.”