LatinNews Daily - 14 October 2022

In brief: Paraguay reaches initial policy agreement with IMF

 * Paraguay’s finance ministry has announced that it has reached a staff-level agreement with the International Monetary Fund (IMF) on a set of macroeconomic policies and structural reforms, which will form the basis for a two-year agreement under the IMF’s non-financial Policy Coordination Instrument (PCI). If confirmed by the IMF’s executive board, the PCI will be based around three main pillars: ensuring macroeconomic stability and resilience; enhancing productivity and growth; and improving social protection and inclusiveness. The IMF team led by Mauricio Villafuerte outlined in a press statement that Paraguay was continuing to recover from the coronavirus (Covid-19) pandemic and was “facing simultaneous external shocks, including a severe drought that contracted agricultural production this year and a spike in global inflation exacerbated by the impact of the war in Ukraine.”

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