Today, Finance Minister Astori announced
Uruguay's intention to repay early all outstanding obligations
to the International Monetary Fund (IMF), amounting to SDR
726.7 million (about US$1.08 billion). Uruguay will also
be cancelling the current Stand-By Arrangement.
Mr. Rodrigo de Rato, the Managing Director
of the IMF, said, "I welcome Uruguay's decision to
repay its outstanding obligations to the Fund. This decision
reflects the quick recovery of Uruguay from crisis, supported
by the international community and the Fund, and its renewed
access to international capital markets. The track record
of sound macroeconomic policy management has provided the
basis for the consolidation of market confidence, strong
economic outcomes, and an improved profile of public debt.
"We look forward to continuing a close
and constructive relationship with Uruguay as the authorities
continue to pursue their important reform agenda,"
Mr. de Rato added.
Total drawings by Uruguay under its two
Stand-By Arrangements were equivalent to SDR 2.25 billion
(about US$3.35 billion). Uruguay made three early repayments
between September 2005 and August 2006 amounting to SDR
1.14 billion (US$1.69 billion). Under the original schedule,
the final repayment of outstanding loans from the IMF would
have taken place in 2010.
Source:
IMF Press Releases
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