The credit rating agency has taken into account the completion of several large investment projects in the country, which could lead to fiscal consolidation.

The Government of Paraguay has welcomed the fact that the S&P agency has improved the country's outlook from stable to positive, based on the probability of an improvement in its solvency rating in the next 12 to 24 months in the event of "consistently strong" economic growth.

The credit rating agency has taken into account the completion of several large investment projects in the country, which could lead to fiscal consolidation and stabilization of the debt burden, while also reducing economic volatility.

In a radio interview on Thursday, the Minister of Economy and Finance, Carlos Fernández Valdovinos, said that this is "a very strong signal" that Paraguay is on the right path.

"We are an example for the region," he said.

However, he noted that it is important to continue working on structural reforms.

"That's what we're doing," he said, calling for the Paraguayan economy to be "more resilient to shocks."

Paraguayan President Santiago Peña already celebrated last Wednesday that the rating agency recognized the country's "progress," "recognizing the effort and dedication of all Paraguayans." "We are showing the world that this giant is firmly re-emerging on the right path!" he said.