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World Bank Supports Paraguayan Fiscal Reform

by Mike Godfrey, Tax-News.com, Washington

23 March 2015


The World Bank Group on March 19, 2015, approved a USD100m loan for Paraguay, which will be partly used to support the Government's efforts to improve tax equity.

Santiago Peña Palacios, Paraguay's Minister of Finance, said the loan "will allow us to take an important step towards strengthening specific social programs, as well as fiscal sustainability, equity, and transparency."

"We intend to accompany a sustained reduction in poverty levels that is reflected in renewed growth, with better-targeted social programs," Jesko Hentschel, World Bank Director for Argentina, Paraguay, and Uruguay said. "Improvement in fiscal policy will favor the sustainability of social programs; in this way we will contribute to improving the living conditions of the poorest 40 percent of Paraguayans."

The project falls under the World Bank's 2015-2018 Country Partnership Strategy with Paraguay, which supports the country's efforts to reduce extreme poverty to nine percent by 2018 and increase income levels among the poorest 40 percent of the population.

TAGS: Finance | tax | economics | Paraguay | fiscal policy | tax reform

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