CAF approved USD 250 million for Paraguay’s economic revival efforts
The funds will be used to enhance the social protection system, targeting sectors most affected by the pandemic and prioritizing investments with a high job creation potential, as well as reforms to public management and economic agencies that drive more inclusive and resilient economic development.
In order to reinforce the countercyclical effect of fiscal policy through the measures taken under Paraguay’s Economic Recovery Plan developed by the government, the Board of Directors of CAF—development bank of Latin America—approved a loan for up to USD 250 million for the Republic of Paraguay.
“We are an unconditional ally of Paraguay, and thus, we are supporting the National Government’s fiscal management by aiding to promote availability and timely implementation of public funds to address the economic and social impacts caused by the COVID-19 pandemic nationwide, as well as the agenda to transform public management, which will lay the groundwork for sustainable recovery and boost the potential growth of the economy,” said CAF executive president Luis Carranza Ugarte.
The funds will support the Recovery Plan package in its three strategic axes, i.e. social protection, public investment for jobs and credits for development, as well as institutional reforms to move towards a transformation of the Paraguayan state.
The health emergency facing Latin America and the Caribbean due to the COVID-19 pandemic calls for a comprehensive response to safeguard the health of the population, their well-being and social protection. In this regard, CAF is supporting the region in an agile and timely manner through a series of financial and technical instruments, and knowledge tools that complement the extraordinary measures that governments are implementing to mitigate the impact of the current crisis.
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