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

July 18, 2005

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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, (USA: International Monetary Fund, 2005) accessed November 23, 2024

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.

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

Keywords: Banking reform, Commercial banks, Commitment to Mercosur, CR, Credit, DGI modernization law, Fiscal policy, Fund, Global, Government, International reserves, ISCR, Prudent fiscal policy, Strategy place, Uruguay

Publication Details

Pages:

97
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/235
Stock No:

1URYEA2005004
ISBN:

9781451839319
ISSN:

1934-7685

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