## Uruguay: Third Review Under the Stand-By Arrangement and Request for Modification and Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay

_IMF Staff Country Reports, June 5, 2006_

## Source details

**Canonical URL:** [Uruguay: Third Review Under the Stand-By Arrangement and Request for Modification and Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay](https://www.imf.org/en/publications/cr/issues/2016/12/31/uruguay-third-review-under-the-stand-by-arrangement-and-request-for-modification-and-waiver-19306)

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## Bibliographic details
- Authors: Arrangement, Request
- Published: June 5, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451839340.002

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### Key Findings
- Strong economic policies and a supportive external environment have contributed to:
  - rapid growth
  - low inflation
  - strengthened external position
  - an improved debt structure
- Uruguay performed well under the Stand-By Arrangement.
- Executive Directors commended the fiscal and monetary polices and urged to maintain exchange rate flexibility.
- Executive Directors emphasized that restructuring of public banks would contain contingent fiscal liabilities.
- Executive Directors appreciated efforts to strengthen tax administration.
- Executive Directors agreed that continued strong macroeconomic polices and progress with structural reforms will raise Uruguay’s growth prospects.

### Policy Recommendations and Board Guidance
- Maintain exchange rate flexibility.
- Continue strong macroeconomic policies.
- Advance structural reforms to raise growth prospects.
- Restructure public banks in a way that contains contingent fiscal liabilities.
- Strengthen tax administration.

### Subject Tags and Keywords (as provided)
- Subject: Banking, Credit, Economic sectors, External debt, Monetary base, Money, Public debt, Public sector
- Keywords: central bank of Uruguay, CR, Credit, Global, growth prospect, interest expenditure, ISCR, market borrowing, market financing program, Monetary base, program's inflation objective, Public sector, reform, staff appraisal

*International Monetary Fund. "Uruguay: Third Review Under the Stand-By Arrangement and Request for Modification and Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uruguay", IMF Staff Country Reports 2006, 197 (2006), accessed 9/23/2026, https://doi.org/10.5089/9781451839340.002*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/uruguay-third-review-under-the-stand-by-arrangement-and-request-for-modification-and-waiver-19306_