Paraguay: new World Bank strategy to promote sustainable growth and investment in human capital

The World Bank Board of Executive Directors endorsed the new Country Partnership Framework for Paraguay, establishing the lending and technical assistance program for 2018-2023. The strategy supports the country’s efforts to promote sustainable growth and institutional strengthening, while supporting investments in human capital, and advancing the fight against corruption.

The new WB strategy is aligned with the government program Paraguay de la Gente 2018-2023 (Paraguay for the People) whose main objectives are to strengthen the rule of law, invest in people to promote growth, and improve competitiveness.

“Paraguay faces the challenge of maintaining high growth rates to end poverty and promote shared prosperity while keeping natural resources as the basis for national competitiveness and making sure that the poorest sectors of the population actively participate to this inclusive growth. Effective management of natural capital, economic diversification, and investment in youth to realize the promise of the country’s demographic dividend are key priorities for the Country Partnership,” said Jesko Hentschel, World Bank Director for Paraguay, Argentina and Uruguay.

The Country Partnership identifies three main themes for the WB engagement: promote accountable institutions and improve business climate; reduce volatility, strengthen management of natural capital and the rural economy; and strengthen human capital.

The Partnership will promote market access and protection from climate-related events for small-scale producers, universal access to primary healthcare for the most vulnerable, and improved public spending for social development. It will also promote equal access to education and better learning for Paraguayan students. For these efforts to be financially sustainable, a more equitable fiscal policy will be promoted.

Original source: World Bank
Published on 22 January 2019