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

International Monetary Fund

No 2005/235, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; Uruguay; government; Fund; fiscal policy; prudent fiscal policy; DGI modernization law; strategy place; banking reform; commitment to Mercosur; International reserves; Commercial banks; Credit; Global (search for similar items in EconPapers)
Pages: 97
Date: 2005-07-18
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