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Uruguay Halfs its Obligations to the IMF

Uruguayan authorities praised for their economic management

Posted: July 31, 2006

July 28, 2006 -- The Uruguayan authorities have announced their decision to advance obligations to the International Monetary Fund falling due through August 8, 2007 amounting to 619.9 million Special Drawing Rights (SDR)*, (about US$916.4 million) as part of a cash management operation. The prepayment will nearly halve Uruguay's outstanding obligations to the Fund. All obligations due in 2006 were advanced in a similar operation four months ago.

IMF Managing Director Rodrigo de Rato, welcomed the announcement and praised the Uruguayan authorities for their economic management. "The Fund welcomes Uruguay's decision, which is a reflection of a strengthened external position and another measure of the success of the authorities' program," he added.

Total drawings by Uruguay under the current Stand-By Arrangement (see IMF Press Release No. 05/136) amounted to SDR 766.3 million. Following this early repayment, Uruguay's outstanding loans with the Fund amount to about SDR 726.7 million, or about US$1.1 billion.

More information on Uruguay and the IMF is available on the organization's Website.

* The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries. Its value is based on a basket of key international currencies. SDRs are allocated to member countries in proportion to their IMF quotas.

 
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