LatinNews Daily - 07 July 2022

In brief: New economic measures announced in Paraguay

*Paraguay’s President Mario Abdo Benítez has announced a series of economic and social measures to alleviate the impact of global inflation and a drought that has hit the local agricultural sector. Speaking in a press conference, he said that measures include capping the price of public transport until the end of the year and making social benefits available to 17,000 more recipients in Paraguay. The president has also made US$1.1m available in public investment to create 50,000 new jobs and build 2,800 houses for vulnerable families. A reduction on VAT to 5%, introduced in 2020, will be maintained as will the reduction in the Impuesto Selectivo al Consumo (ISC) sales tax to reduce the impact of the rise in fuel prices. Among the government measures, President Abdo Benítez also highlighted that “private investment will complement the efforts of the public sector”. The measures are intended to limit the effects of inflation in the second half of the year. According to Paraguay’s central bank (BCP), monthly inflation was 0.5% in June while annual inflation was running at 11.5%.

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