The Paraguayan government has raised over $9 billion in sovereign bonds on the international financial market between 2013 and 2026, according to data from the Ministry of Economy and Finance (MEF). Of this total, $8.56 billion had been transferred to public bodies by June 2026, leaving a remaining balance of $469.7 million deposited at the Central Bank of Paraguay. The pending funds are concentrated mainly in the MEF (67.6%) and the Ministry of Public Works and Communications (27.1%), and are earmarked for debt amortization and infrastructure projects.
As the government manages the sovereign bond resources, the country has officially entered the campaign period for the municipal elections on October 4. The Superior Court of Electoral Justice (TSJE) authorized political advertising starting this Tuesday, July 16, for a duration of 77 days. Current legislation has unified the deadlines for advertising in traditional media but maintains gaps in the regulation of digital campaigns, which continue to operate without specific rules.
The sovereign bonds not yet transferred are primarily linked to recent issuances, such as the 2026 and 2038 bonds ($314.93 million) and the 2025 and 2055 bonds ($152.18 million). The Ministry of Health will receive $24.66 million from these funds, while the MOPC will receive $127.52 million for infrastructure investments.
In the electoral arena, the law provides for fines of up to one hundred minimum wages for premature campaigning, but previous inspections have not resulted in effective punishments. With the official start of the campaign, candidates for mayor and city council are intensifying their political marketing efforts amid criticism over the lack of regulation for digital platforms.