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LatinNews Regional Monitor: Brazil & Southern Cone - 26 March 2019

In brief: Paraguay

* The Paraguayan government has proposed three new legislative initiatives to congress designed to improve the country’s business climate, according to a press release issued by the industry & commerce ministry (MIC). These initiatives have been devised by the MIC along with the justice ministry, the central bank (BCP), private sector guilds, the World Bank, and specialised lawyers. The MIC press release cites the objective of adapting legislation to align with structural changes currently taking place in government, reducing costly and bureaucratic procedures implemented in the creation of new businesses and to facilitate loans for small & medium-sized enterprises (SMEs), which currently employ 76% of the Paraguayan population. The first proposal is to improve access to credit for SMEs through secured transactions. The second is a bill to simplify the legal process undertaken in the creation of new businesses, involving an online platform to simplify and reduce the costs of a business’s legal management. The third would see national insolvency laws updated.