Uruguay: 2024 Article IV Consultation-Press Release and Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2024 Issue 215

Publication date: July 2024

ISBN: 9798400282904

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Topics covered in this book

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Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , government bond bond market , inflation expectation , BCU inflation target , data ROSC reassessment , support policy continuity , Policy issue , Inflation , Fiscal stance , Fiscal councils , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Caribbean , Global

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Republic of Congo : 2001 Article IV

Summary

In 2023, Uruguay confronted the impact of a once-in-a-century drought, causing significant direct losses to the primary sector. The economic situation in Argentina created further headwinds for Uruguay, although with no signs of financial spillovers. The economy remained resilient, owing to the authorities’ sound macroeconomic policies, the country’s political stability, and strong institutions. The current administration, in office since 2020, has implemented a significant upgrade of the fiscal and monetary policy frameworks and has advanced decisive structural reforms. Consolidating these gains should be the most important priority.