(Adds detail from statement in paragraphs 3-7)

Dec 19 (Reuters) - The International Monetary Fund on Tuesday said it had approved a two-year Resilience and Sustainability Facility $(RSF)$ for Paraguay which should give the country access to a maximum of 302.1 million senior drawing rights (around $404 million).

Paraguay is the first South American country to secure access to the RSF, the fund said.

"The government is committed to continued prudent macroeconomic policies and the implementation of structural reforms," the IMF said in a statement, pointing to green energy expansion and preservation measures.

"Barring global and weather-related external shocks," it added, "Paraguay's growth prospects are bright."

The fund said Paraguay's economic growth should moderate slightly to 3.8% next year, while inflation should remain close to the central bank's 4% target.

The bank said it had also granted an extension of its Policy Coordination Instrument $(PCI)$ program and modified targets for the end of this year and mid-way through 2024.

The IMF said the PCI program was performing well despite some narrowly missed targets, and noted that some aspects had been altered to take into account the new government's priorities.

(Reporting by Sarah Morland and Valentine Hilaire; editing by Diane Craft)

((sarah.morland@thomsonreuters.com;))