IMF Executive Board Completes Sixth and Final Review under Paraguay's Stand-By Arrangement Press Release - International Monetary Fund July 31, 2008 The Executive Board of the International Monetary Fund (IMF) today completed the sixth and final review of Paraguay's economic performance under a 27-month Stand-By Arrangement for an amount equivalent to SDR 30 million (about US$49 million). Although completion of the review will make up to SDR 30 million (about US$49 million) available to the country, the Paraguayan authorities intend to continue treating the arrangement as precautionary. The original amount of the arrangement of SDR 65 million (about US$107 million) was reducedat the authorities' requestto SDR 30 million (about US$49 million) at the time of the fourth review The Stand-By Arrangement was approved May 31, 2006 and expires on August 31, 2008. Following the Board's discussion of Paraguay's economic performance, Mr. Murilo Portugal, Deputy Managing Director and Acting Chair, said: "Paraguay has had a commendable track record of successful policy implementation under two successive stand-by arrangements. The country's macroeconomic fundamentals are currently among the best in over a quarter of a century, notwithstanding the recent increase in inflation. Notable achievements over the past five years have been a more than doubling of per capita GDP; the halving of public debt; the tripling of external reserves; the considerabl ...
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