Asunción, Agencia IP.- The prestigious international magazine The Banker has awarded Carlos Fernández Valdovinos the title «Finance Minister of the Year» for the Americas. This recognition highlights his leadership and achievements at Paraguay’s Ministry of Economy and Finance (MEF).
One of the most significant milestones during this period was Moody’s Ratings’ upgrade of Paraguay’s credit rating, which, in July 2024, elevated the country to the coveted Investment Grade level. This improvement reflects sustained economic growth and a solid track record of institutional reforms.
In its analysis, The Banker emphasized: «As Paraguay grows and strengthens its economic prospects and international standing, the positive impact of the finance ministry’s work deserves recognition».
Paraguay’s economic growth has been consistent over the past two decades. Between 2003 and 2023, the Gross Domestic Product (GDP) grew at an annual average of 3.6%, outperforming many other countries in the Americas, according to World Bank data. This performance has been instrumental in reducing poverty in the country.
Additionally, Moody’s highlighted in July 2024 the government’s strategy focused on diversifying the economy and investing in infrastructure while maintaining fiscal stability. While agriculture and hydroelectric power generation remain pillars of the economy, recent policies aim for sustainable diversification.
A significant advancement in this regard was the development of the local currency bond market. In February 2024, Paraguay issued its first guaraní-denominated bond on the international market, reducing its reliance on dollar-denominated bonds.
This recognition of Minister Carlos Fernández Valdovinos underscores the Paraguayan government’s efforts to consolidate economic stability and open new opportunities in international markets. The full article from The Banker can be accessed at the following link: https://lc.cx/Q7ARiv.