Uruguay to Make Early Repayment of Half of its Obligations to the IMFPress Release No. 06/168
July 28, 2006
The Uruguayan authorities have announced their decision to advance obligations to the International Monetary Fund falling due through August 8, 2007 amounting to SDR 619.9 million, (about US$916.4 million) as part of a cash management operation. The prepayment will nearly halve Uruguay's outstanding obligations to the Fund. All obligations due in 2006 were advanced in a similar operation four months ago.
IMF Managing Director Rodrigo de Rato, welcomed the announcement and praised the Uruguayan authorities for their economic management. "The Fund welcomes Uruguay's decision, which is a reflection of a strengthened external position and another measure of the success of the authorities' program," he added.
Total drawings by Uruguay under the current Stand-By Arrangement (see Press Release No. 05/136) amounted to SDR 766.3 million. Following this early repayment, Uruguay's outstanding loans with the Fund amount to about SDR 726.7 million, or about US$1.1 billion.