Press Release No. <a name="P16_75"></a>03/20

Mr. Anoop Singh, Director of Western Hemisphere Department of the International Monetary Fund (IMF) said in Washington, D.C. today:

"As announced on February 17, an IMF mission returned from Montevideo earlier this week and discussions with the authorities have continued in Washington. We have reached agreement with the Uruguayan authorities on the basis of an economic program for 2003. This program defines a fiscal and financing framework to pave the way for medium-term economic sustainability and growth. The program will also carry forward bank reforms aimed at strengthening the domestic banking system. The authorities are finalizing a letter of intent which they expect to complete in the coming days. We are confident that the envisaged economic program will be supported by the international community and build a strong foundation for Uruguay to return to sustained growth. We plan for Board consideration of the program in mid March."