{
  "title": "Uruguay: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uruguay",
  "publication": "IMF Staff Country Reports, February 21, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/02/20/uruguay-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-49065",
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  "summary": "This 2019 Article IV Consultation with Uruguay highlights that the country enjoys political stability, strong governance and institutions, and a high degree of social cohesion.",
  "sections": [
    {
      "heading": "Key findings and country assessment",
      "content": "- Political stability, strong governance and institutions, and a high degree of social cohesion.\n- After \"a decade and a half of robust growth\", the country reports:\n  - High per capita income.\n  - Low levels of poverty and inequality.\n  - A resilient financial sector.\n- Recent environment: volatile region and global uncertainties have generated emerging challenges.\n- The post-election mandate combined with a growth boost from large private and infrastructure investments presents an opportunity to address those challenges and preserve the social compact for future generations."
    },
    {
      "heading": "Risks and macroeconomic challenges",
      "content": "- Need to reduce public debt and rebuild fiscal buffers to manage sizable risks arising from domestic and external volatility.\n- Inflation management: authorities are expected to bring inflation toward the mid-point of the target range.\n- External and regional volatility may undermine growth and fiscal outcomes if buffers are not strengthened."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Fiscal policy:\n  - Use the favorable policy window created by higher investment to reduce debt and rebuild buffers.\n  - Improve the fiscal framework to enhance debt sustainability over the medium term.\n- Monetary policy and inflation targeting:\n  - Bring inflation toward the mid-point of the target range.\n  - Leverage institutional advantages to further improve the inflation targeting framework.\n- Structural reforms:\n  - Implement structural reforms to raise potential growth and safeguard achievements of the past decade.\n  - Use Uruguay’s institutional strengths to advance reforms that bolster long-term growth prospects and social cohesion.\n- Financial sector:\n  - Maintain resilience of the financial sector and monitor downside risks from regional and global shocks."
    },
    {
      "heading": "Thematic focus areas (as categorized)",
      "content": "- Economic sectors\n- External debt\n- Fiscal policy and Fiscal stance\n- Inflation and Prices\n- Public debt and Public sector\n\nUruguay: 2019 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Uruguay (IMF Staff Country Reports, February 21, 2020).\n\n---\n\n Content in this bundle\n\n- 1uryea2020001\n  - 1uryea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1uryea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 21, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513530833.002",
    "Political stability, strong governance and institutions, and a high degree of social cohesion.",
    "After \"a decade and a half of robust growth\", the country reports:",
    "Recent environment: volatile region and global uncertainties have generated emerging challenges.",
    "The post-election mandate combined with a growth boost from large private and infrastructure investments presents an opportunity to address those challenges and preserve the social compact for future generations.",
    "Need to reduce public debt and rebuild fiscal buffers to manage sizable risks arising from domestic and external volatility.",
    "External and regional volatility may undermine growth and fiscal outcomes if buffers are not strengthened.",
    "Monetary policy and inflation targeting:",
    "Structural reforms:",
    "Financial sector:",
    "**1uryea2020001**"
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