Doubts persist in Paraguay despite economic optimism
Monday, November 20, 2023
Significance
The following week, the US Department of Agriculture (USDA) approved imports of Paraguayan beef for the first time in 26 years. These positive developments come at a time of instability for President Santiago Pena due to growing pressure from supporters of former President and current Colorado Party leader Horacio Cartes.
Impacts
- While the government welcomed the announcement by Fitch, it had hoped that Paraguay would attain a BBB investment grade rating.
- Economic turmoil in Argentina will have a knock-on effect on employment opportunities and remittances.
- Concerns over corruption probes into leading power-broker Cartes will place strains on foreign relations and investment.
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