Press Release: IMF Managing Director Issues Statement on Uruguay Sovereign Debt Exchange

May 16, 2003

Mr. Horst Köhler, Managing Director of the International Monetary Fund (IMF), issued the following statement today in reaction to Uruguay's announcement of its sovereign debt exchange:

"The Uruguayan authorities have decided to complete the debt exchange, based on strong support from bond holders. This debt exchange is an important step in addressing Uruguay's financing needs and debt sustainability through a cooperative approach with creditors. The authorities should be commended for their determined commitment to implement strong policies in critical areas of the program, including this comprehensive debt exchange. The support being expressed by private sector investors is a key component of the Uruguayan authorities' efforts to put the economy on a path of sustained growth and financial stability. We wish the authorities continued success in their program."


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