IMF Staff Country Reports

Uruguay: Request for Stand-By Arrangement—Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay

Publication Date:

July 18, 2005

Electronic Access:

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Summary:

This paper examines Uruguay’s Request for a Stand-By Arrangement. Although the external current account shifted to a moderate deficit, mainly reflecting the recovery in imports, export performance has been robust, and gross international reserves are now about three-fourths their pre-crisis level. The authorities’ program appropriately focuses on fiscal consolidation keeping inflation low through prudent monetary policy, promoting sound credit flows in a strengthened financial system, and other growth-oriented reforms. Key to maintaining macrostability will be achieving sufficiently large primary surpluses over the medium term to keep the public debt on a firm downward path.

Series:

Country Report No. 2005/235

Subject:

Banking Central banks Commercial banks Credit External debt Financial institutions International reserves Money Public debt