Press Release: Uruguay to Make Early Repayment of Half of its Obligations to the IMF
July 28, 2006Press Release No. 06/168
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.