Paraguay is committed to an economic future with the environment as the protagonist

The new government of Paraguay seeks to present the country to the world as an eco-friendly investment option that will dedicate its efforts to highlighting the “importance of the sustainability of economies”; This is how the country's Minister of Economy and Finance, Carlos Fernández Valdovinos, described it this Thursday.

Within the framework of the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, Fernández Valdovinos assured that they are focused on “starting to talk about a green Paraguay”, which in addition to being known for its “macroeconomic stability”, also it is for sustainable growth.

The World Bank details that the Paraguayan economy has grown “faster than the regional average” in the last two decades due to “favorable external conditions and solid macroeconomic management.”

Fernández Valdovinos highlighted environmental advances achieved in Paraguay in recent years, such as the total generation of clean energy and renewable in the country through the Itaipú dam.

“We have 100% of the electricity in Paraguay produced by clean and renewable energy. Basically we are in 2050, because that is the green transition that all countries want to make. Now, in 2024, we have already achieved that goal, but that is not enough,” the minister added.

Although the export of electrical energy is one of Paraguay's most important economic factors, the World Bank details that its extensive natural resources also make the country “vulnerable” to extreme weather events such as droughts, floods and storms.

Fernández Valdovinos pointed out that part of the presentation of a “green Paraguay” is the development of strategies to become a regional hub for biofuels, bioethanol or biodiesel.

“A country that will have not only a stable macroeconomic policy but also a green macroeconomic production capacity,” he said.

Ahead of the spring meetings, the World Bank warned that the Latin American and Caribbean economy remains stagnant and will grow less than expected, just 1.6% in 2024.

The low regional growth occurs despite the fact that Latin America has made important progress in recovering from an adverse international context induced first by the coronavirus pandemic and then by the impact of the high interest rates imposed by the most developed countries to contain inflation. .

The Dominican Republic is the nation that will grow the most, 5.1% in 2024; followed by Costa Rica, with 3.9%, Paraguay, 3.8%; Nicaragua, 3.7%, and Honduras, 3.4%.

Connect with the Voice of America! Subscribe to our channels Youtube, WhatsApp and to newsletter. Turn on notifications and follow us on Facebook, x and instagram.