## Uruguay: Second Review Under the Stand-By Arrangement, Requests for Modification and Extension of the Arrangement, and Waiver of Nonobservance and Applicability of Performance Criteria, and Exchange System — Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay

_IMF Staff Country Reports, April 25, 2003_

## Source details

**Canonical URL:** [Uruguay: Second Review Under the Stand-By Arrangement, Requests for Modification and Extension of the Arrangement, and Waiver of Nonobservance and Applicability of Performance Criteria, and Exchange System — Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay](https://www.imf.org/en/publications/cr/issues/2016/12/30/uruguay-second-review-under-the-stand-by-arrangement-requests-for-modification-and-extension-16512)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/30/uruguay-second-review-under-the-stand-by-arrangement-requests-for-modification-and-extension-16512/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/30/uruguay-second-review-under-the-stand-by-arrangement-requests-for-modification-and-extension-16512/index.json)
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## Bibliographic details
- Published: April 25, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451839227.002

---

### Summary
- Paper examines Uruguay’s Second Review Under the Stand-By Arrangement, Requests for Modification and Extension of the Arrangement, and Waiver of Nonobservance and Applicability of Performance Criteria and Exchange System.
- Progress on the structural front has been mixed.
- The macroeconomic framework is based on a return to economic growth.
- Notwithstanding the risks to the program, the IMF staff recommends:
  - completion of the second review;
  - approval of the authorities’ requests for waivers;
  - extension of the arrangement; and
  - rephasing of purchases.

### Key findings and focal areas
- Progress on structural reforms: mixed.
- Macroeconomic strategy: centered on returning to economic growth.
- Program assessment: risks present but staff supports moving forward with review completion and requested approvals.

### Subject coverage and keywords
- Subjects:
  - Banking
  - Central banks
  - Commercial banks
  - Economic sectors
  - External debt
  - Financial institutions
  - International reserves
  - Public debt
  - Public sector
- Keywords:
  - Caribbean
  - Commercial banks
  - CR
  - debt
  - debt exchange
  - Europe
  - financing
  - government debt exchange
  - growth prospect
  - International reserves
  - ISCR
  - market financing
  - Public sector
  - stand-by credit arrangement
  - Uruguay
  - Uruguay's financing needs

### Publication and document specifics
- Date: April 25, 2003
- Pages: 72
- Volume: 2003
- Issue: 116
- Series: Country Report No. 2003/116
- DOI: https://doi.org/10.5089/9781451839227.002
- Stock No: 1URYEA0012003
- ISBN: 9781451839227
- ISSN: 1934-7685

*International Monetary Fund. Uruguay: Second Review Under the Stand-By Arrangement, Requests for Modification and Extension of the Arrangement, and Waiver of Nonobservance and Applicability of Performance Criteria, and Exchange System — Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay (April 25, 2003).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/uruguay-second-review-under-the-stand-by-arrangement-requests-for-modification-and-extension-16512_