Both rating agencies acknowledged a stable outlook. On January 8, 2025, S&P affirmed its rating decision and revised the outlook from stable to positive. The country had shown a robust and sustained economic growth outperforming the expected 3.5% of GDP growth which is now projected to average 3.8% over 2025-2028. The country has benefited from a stable 4% inflation rate and economic growth, which has helped reduce the poverty rate by half over the last two decades, and it is further expected to decline to around 15% by 2026 driven by rising incomes in the services and agricultural sector. We expect these positive developments to be reflected in the local currency during the year 2025. Paraguay contributes with an allocation of 3% to the diversification of the Vision Microfinance Fund.