The President of the Republic, Santiago Peña, asked bankers to pay special attention to projects to finance Micro, Small, and Medium-Sized Enterprises (MSMEs), considering that their financing needs continue to be very high and the Government requires private capital to serve this key sector of the Paraguayan economy.
“I ask the financial sector to soften its heart, to pay special attention to projects to boost the MSME sector and access to credit,” said Peña during the opening of the Assembly of the Latin American Federation of Banks (Felaban), which is taking place in Asunción.
He also mentioned that MSMEs are the driving force of our economy, but their financing needs remain very high, reaching nearly 4 billion dollars.
The president expressed confidence that during the meeting he would be able to capture the interest of those who want to work on helping to finance MSMEs and on the development of the sector, through three funds that are in the process of being structured in the Ministry of Industry and Commerce. “I need each and every one of you to close this virtuous circle,” he said.
In another part of his speech, the president said that Paraguay has demonstrated constant economic growth driven by stability policies and structural reforms.
He said that Paraguay is currently a country that plays in the big leagues and its investment grade confirms this. “We are not going to go backwards, but rather we will continue to move forward to strengthen the confidence of the world economic community,” he stressed.
He said that the country wants to, can and will be a true protagonist on the global stage and, above all, is determined to regain its place of greatness in history.
President promises continued reforms
“I am an irremediable optimist and a lover of my country, but that does not mean I am unaware of the many challenges we have to face. There is still much to do, which is why I always repeat that my government would be the government of reforms,” he commented.
In this regard, he assured that his administration is deepening the institutionalisation of Paraguay. He began by saying that in the first few months there has been progress with profound and long-overdue reforms.
On the other hand, the head of the Executive Branch spoke, among other things, of a revolution in the area of tax collection through the unification of Customs and Taxation, with the creation of the National Directorate of Tax Revenue (DNIT), the creation of the Ministry of Economy and Finance, and the approval of the Zero Hunger bill, which he described as the most ambitious public policy of the last 20 years.
“With these and other reforms, which I will not hesitate to implement, we will continue to witness the consolidation of the Paraguay of the future, but the government alone, no matter how much good will its authorities have, will never be able to achieve the great changes our country needs,” he said.
On this point, the Head of State emphasised that teamwork is key to achieving results and stressed that “there is a lot we can do if we unite, government and private sector.”
Finally, he stressed that FELABAN 2024 has been a cornerstone for the integration and financial development of the region, becoming a powerhouse for the creation of virtuous links and a model throughout the world, and for this reason he expressed his happiness to receive the members of the Federation in Paraguay.
