Latin Finance - June 2008 - 43
paraguay economy about social issues but without creating internal conflicts,” Torres adds. The biggest problem for Lugo will be the impatience of his constituents. “His challenge will be to make people understand that Paraguay will not be a new country in two years,” Torres states. Local and Foreign Drills Local and foreign companies already participate in energy exploration. Domestic firm Primo Cano Matinez has been looking for gas for many years now, says company owner Primo Cano Martinez. In 2004, it teamed up with Britain’s CDS Energy in a joint venture to explore several fields in the Gabino Mendoza region of Paraguay, close to the border with Bolivia. Firms from the US – such as Houston-based Pantera Petroleum –are also actively searching for hydrocarbons and gas. Enticing investment to Paraguay will be a key challenge for the new administration and its team, as the country has several structural and productivity problems, and also lacks scale. The country is in a period of relative stability following a complicated political history, but the state has long controlled economic development. Paraguay has a relatively low tax burden, at 6%-7% of GDP. “This is an economy that always had limited resources for social spending,” says Nelson Aguilera, director of Fundación Para el Desarrollo Humano Sustentable (FDHS), a policy think-tank in Asunción. However, not all is doom and gloom. Economic policy of the last 10 years has kept inflation largely under wraps, with price rises of 6.0% in 2007 versus a spike of 14.2% in 2003, according to World Bank and Moody’s data. International reserves have remained around $2.5 billion in the last five years, Aguilera adds. “On a macroeconomic level, things are going very well,” he adds. In 2007, Paraguay exported $2.7 billion worth of soy, up from $1.9 billion in 2006, according to FDHS. More than 2.4 million hectares were sown with soy in 2007, according to the Paraguayan chamber of cereal exporters (Capeco). The country is expected to produce 6.5 billion tons of soy in the 2007-2008 agricultural season, Capeco states. In 2006, the country produced 3.6 million tons of soy, down from 4.0 million in 2005. And Paraguay boasts plenty of natural resources to produce clean energy, as showcased by the Yaciretá and Itaipú dams, which the country shares with its more affluent neighbors Argentina and Brazil. Lugo made the claim of more revenues from electricity generated by the dams a centerpiece of his presidential campaign. LF June 2008 LATINFINANCE 43
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Latin Finance - June 2008
Table of Contents for the Digital Edition of Latin Finance - June 2008
Latin Finance - June 2008
Contents
CEO of the Year
Who Said That?
Cutting Edge Corporates
JBS-FRIBOI
Ecopetrol
Brazilian Steel
Financing Petrobras
Punta Colonet
Mexican Afores
Peru Electricity
Corporate Governance
Guide to Treasury & Cash Management
Parting Shot
Latin Finance - June 2008 - Latin Finance - June 2008
Latin Finance - June 2008 - Cover2
Latin Finance - June 2008 - Contents
Latin Finance - June 2008 - 2
Latin Finance - June 2008 - 3
Latin Finance - June 2008 - 4
Latin Finance - June 2008 - 5
Latin Finance - June 2008 - 6
Latin Finance - June 2008 - 7
Latin Finance - June 2008 - 8
Latin Finance - June 2008 - 9
Latin Finance - June 2008 - 10
Latin Finance - June 2008 - 11
Latin Finance - June 2008 - 12
Latin Finance - June 2008 - CEO of the Year
Latin Finance - June 2008 - Who Said That?
Latin Finance - June 2008 - 15
Latin Finance - June 2008 - 16
Latin Finance - June 2008 - Cutting Edge Corporates
Latin Finance - June 2008 - 18
Latin Finance - June 2008 - 19
Latin Finance - June 2008 - 20
Latin Finance - June 2008 - JBS-FRIBOI
Latin Finance - June 2008 - 22
Latin Finance - June 2008 - Ecopetrol
Latin Finance - June 2008 - 24
Latin Finance - June 2008 - Brazilian Steel
Latin Finance - June 2008 - 26
Latin Finance - June 2008 - 27
Latin Finance - June 2008 - Financing Petrobras
Latin Finance - June 2008 - 29
Latin Finance - June 2008 - Punta Colonet
Latin Finance - June 2008 - 31
Latin Finance - June 2008 - Mexican Afores
Latin Finance - June 2008 - 33
Latin Finance - June 2008 - 34
Latin Finance - June 2008 - 35
Latin Finance - June 2008 - 36
Latin Finance - June 2008 - Peru Electricity
Latin Finance - June 2008 - 38
Latin Finance - June 2008 - 39
Latin Finance - June 2008 - Corporate Governance
Latin Finance - June 2008 - 41
Latin Finance - June 2008 - 42
Latin Finance - June 2008 - 43
Latin Finance - June 2008 - 44
Latin Finance - June 2008 - 45
Latin Finance - June 2008 - Guide to Treasury & Cash Management
Latin Finance - June 2008 - 47
Latin Finance - June 2008 - 48
Latin Finance - June 2008 - 49
Latin Finance - June 2008 - 50
Latin Finance - June 2008 - 51
Latin Finance - June 2008 - 52
Latin Finance - June 2008 - 53
Latin Finance - June 2008 - 54
Latin Finance - June 2008 - 55
Latin Finance - June 2008 - Parting Shot
Latin Finance - June 2008 - Cover3
Latin Finance - June 2008 - Cover4
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