Paraguay’s draft fiscal plan for 2025 aims to narrow the fiscal deficit to 1.9% of GDP, aligning with a fiscal convergence strategy to meet a 1.5% of GDP ceiling by 2026. Tax revenues are projected to rise by 7.3% YoY, matching nominal GDP growth. To finance the deficit, the government plans to issue global bonds worth USD 1.26 bln (2.7% of GDP) and secure USD 465 mln (1.0% of GDP) from multilateral and bilateral loans.