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
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.