History of Paraguay land to every Paraguayan family. He reopened the University, implemented monetary and municipal reforms, balanced the budget, financed the public debt, increased the capital of the Central Bank of Paraguay, and drew up plans to build highways and public works with the loan from the United States. Estigarribia faced sharp criticism from the conservative Catholic intellectuals and their newspaper "El Tiempo" as well as leftist "febrerista" student activists in the university. After anti-government demonstrations broke out in Asunción, the army suppressed them and arrested Catholic and "febrerista" leaders. This led to a withdrawal of Colorado support for Estigarribia, and an
Economy of Paraguay Most of Paraguay's trade takes place with Uruguay, Brazil and Argentina. In 2002 Paraguay conducted more than US$400 million in trade with Argentina and nearly US$800 million with Brazil. Paraguay is also a member of the Inter-American Development Bank, Latin American Integration Association, and Latin American Economic System and a signatory to the agreement creating the South American Community of Nations. In 2004 Paraguay signed an energy cooperation agreement with Venezuela to purchase oil and petroleum. Venezuela agreed to concessional financing that allowed Paraguay to pay over a 15-year period at a nominal interest rate. Imports totaled US$3.3 billion in