The capital markets of South America’s smallest countries have still not developed much beyond the issuance of government bonds. Among the region’s small economies, only Uruguay and Bolivia have active corporate bond markets. The capital markets of Paraguay, Guyana and Suriname are dominated by government debt.
Franklin Nieder, senior financial economist at the Inter-American Development Bank, says: “Guyana is a highly indebted country and relies heavily on international donors. It has a significant local-currency debt market but a very limited secondary market.
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