Abstract
2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uruguay
Fund Relations
(As of November 30, 2019)
Membership Status: Joined: March 11, 1946; Article VIII
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 429.10 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | 342.89 | 79.91 |
| Reserve Tranche Position | 86.21 | 20.09 |
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 429.10 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | 342.89 | 79.91 |
| Reserve Tranche Position | 86.21 | 20.09 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 293.26 | 100.00 |
| Holdings | 214.49 | 73.14 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 293.26 | 100.00 |
| Holdings | 214.49 | 73.14 |
Outstanding Purchases and Loans: None Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 08, 2005 | Dec 27, 2006 | 766.25 | 263.59 |
| Stand-By | Apr 01, 2002 | Mar 31, 2005 | 1,988.50 | 1,988.50 |
| of which SRF | Jun 25, 2002 | Jun 24, 2003 | 128.70 | 128.70 |
| Stand-By | May 31, 2000 | Mar 31, 2002 | 150.00 | 150.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 08, 2005 | Dec 27, 2006 | 766.25 | 263.59 |
| Stand-By | Apr 01, 2002 | Mar 31, 2005 | 1,988.50 | 1,988.50 |
| of which SRF | Jun 25, 2002 | Jun 24, 2003 | 128.70 | 128.70 |
| Stand-By | May 31, 2000 | Mar 31, 2002 | 150.00 | 150.00 |
Overdue Obligations and Projected Payments to Fund1
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.63 | 0.63 | 0.63 | 0.63 | |
| Total | 0.63 | 0.63 | 0.63 | 0.63 | |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.63 | 0.63 | 0.63 | 0.63 | |
| Total | 0.63 | 0.63 | 0.63 | 0.63 | |
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Ex-Post Assessment. The last Ex-Post Assessment of Longer-Term Program Engagement was considered by the Executive Board on August 29, 2007 (Country Report No. 08/47).
Exchange Rate Arrangement. The currency is the Uruguayan peso (UY$). Uruguay’s de jure and de facto exchange rate arrangements are classified as floating. Since June 2013, monetary policy targets the growth rate of M1 plus saving deposits as the intermediate instrument. On January 6, 2020, the exchange rate in the official market was UY$37.2 per U.S. dollar. Uruguay has accepted the obligations of Article VIII and maintains an exchange rate system free of restrictions on payments and transfers for current international transactions.
Article IV Consultation. Uruguay is on the standard 12˗month consultation cycle. Discussions for the 2018 Article IV consultation took place during February 13, 2019 (IMF Country Report No. 19/64). Staff discussions for the 2019 Article IV consultation were conducted in Montevideo during December 5–17, 2019.
FSAP Participation and ROSCs. A Financial Sector Stability Assessment (FSSA) was considered by the Executive Board on June 28, 2006 (Country Report No. 06/187). An FSAP Update was conducted in 2012 and the FSSA was published on May 31, 2013 (Country Report No. 13/152). A ROSC module on fiscal transparency was published on March 5, 2001. A ROSC module on data dissemination practices was published on October 18, 2001. A ROSC on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) was published on December 12, 2006 (Country Report No. 06/435). A data module ROSC was published on February 11, 2014 (Country Report No. 14/42).
Technical Assistance 2009–19.
| DPT | Purpose | Date of Delivery |
|---|---|---|
| FAD | Public Financial Management | November 2018 |
| Revenue Administration (Follow-up) | November 2017 | |
| Assist with strengthening customs’ reform strategy and implementation of the governance framework | November 2015 | |
| Tax Administration, PFM (Follow-up) | October 2015 | |
| Treasury Management | August 2014 | |
| Tax, customs, and social security administration | August 2014, March 2014, November 2012, November 2011, September 2010 | |
| Performance Informed Budgeting | March 2011 | |
| Private public partnership | May 2010 | |
| LEG | Structures and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | October 2017 |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | November 2016 | |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | March 2016 | |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | October 2015 | |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | March 2015 | |
| Assist the authorities on strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | October 2014 | |
| Follow up of the implementation of the AML/CFT National Strategy | October 2013 | |
| Assist the authorities on the launch of the recently designed AML/CFT national strategy | June 2012 | |
| Assist the authorities on the elaboration of a risk-based national strategy enhancing the AML/CFT regime | December 2010 | |
| Conduct a money laundering/terrorist financing country risk assessment consistent with the objectives of the national AML/CFT strategy | January, April, and July 2009 | |
| MCM | Sovereign Asset and Liability Management and Development of the Local Currency Government Bond Market | September 2016 |
| Bank resolution | June 2014 | |
| FSAP update | September 2012 | |
| STA | Trade Margins and Commercialization Channels | September 2016 |
| Balance of Payments and International Investment Position Statistics. | April and October 2015 | |
| Data ROSC reassessment | August 2012 |
| DPT | Purpose | Date of Delivery |
|---|---|---|
| FAD | Public Financial Management | November 2018 |
| Revenue Administration (Follow-up) | November 2017 | |
| Assist with strengthening customs’ reform strategy and implementation of the governance framework | November 2015 | |
| Tax Administration, PFM (Follow-up) | October 2015 | |
| Treasury Management | August 2014 | |
| Tax, customs, and social security administration | August 2014, March 2014, November 2012, November 2011, September 2010 | |
| Performance Informed Budgeting | March 2011 | |
| Private public partnership | May 2010 | |
| LEG | Structures and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | October 2017 |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | November 2016 | |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | March 2016 | |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | October 2015 | |
| Structure and tools for strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | March 2015 | |
| Assist the authorities on strengthening the AML/CFT capacity of the Superintendency of Financial Services and the Financial Intelligence Unit | October 2014 | |
| Follow up of the implementation of the AML/CFT National Strategy | October 2013 | |
| Assist the authorities on the launch of the recently designed AML/CFT national strategy | June 2012 | |
| Assist the authorities on the elaboration of a risk-based national strategy enhancing the AML/CFT regime | December 2010 | |
| Conduct a money laundering/terrorist financing country risk assessment consistent with the objectives of the national AML/CFT strategy | January, April, and July 2009 | |
| MCM | Sovereign Asset and Liability Management and Development of the Local Currency Government Bond Market | September 2016 |
| Bank resolution | June 2014 | |
| FSAP update | September 2012 | |
| STA | Trade Margins and Commercialization Channels | September 2016 |
| Balance of Payments and International Investment Position Statistics. | April and October 2015 | |
| Data ROSC reassessment | August 2012 |
Relations with Other International Institutions
World Bank: https://www.worldbank.org/en/country/uruguay
Inter-American Development Bank: https://www.iadb.org/en/countries/uruguay/overview
Development Bank of Latin America: https://www.caf.com/es/paises/uruguay/
Statistical Issues
(As of [January 8, 2020])
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Most affected area is national accounts. | |
| National accounts: In 2009, the Uruguayan authorities completed a revision of national accounts statistics, in which they updated the benchmark year (from 1983 to 1997), set the reference period for the volume estimates in 2005, and adopted the System of National Accounts (SNA) 1993. However, national accounts statistics still have some shortcomings: the benchmark year is obsolete, expenditure GDP contains some residual components, fixed ratios are used for various activities, coverage of the enterprise survey is limited, the update of the business register is partial, source data for some components of GDP are of poor quality, and information on the informal economy is inadequate. GDP time series on the BCU website are available starting in 1997. A national accounts rebasing project (to 2012) is underway, and the new figures, in line with the 2008 SNA, will be disseminated in 2020. | |
| Prices: The base period for the consumer price index is December 2010 = 100. The CPI has national coverage, and it does not cover either the implicit rent or the net acquisitions of owner-occupied dwellings. The reselection of the sample of detailed products has not been done for an extended period (the current weights are based on the 2005–06 household income and expenditure survey). Producer price indices (March 2010 =100) for national products are available, but do not cover utilities, construction, and services, and exported output. The CPI and PPI would benefit from a more regular and frequent schedule of weight updates. | |
| Government finance statistics: Official data on the central administration, the state owned enterprises and the social security system are disseminated regularly and on time. However, above-the-line data (revenue and expenditure) for local governments are not available. Monthly data for financing and quarterly data for debt for the central government and total public sector are disseminated on the BCU website from 1999 onwards, but no information is reported for publication in the International Financial Statistics. Annual information submitted for the Government Finance Statistics Yearbook covers the consolidated central government (budgetary central government plus social security funds) and consolidated general government, but COFOG is not reported and local governments information belongs to financing operations only; thereby, consolidated general government’s covers only operations and stocks on financial assets and liabilities. | |
| Monetary and financial statistics: Monetary and financial statistics are prepared in accordance with the IMF’s | |
| Financial sector surveillance: The authorities participate in the IMF’s Coordinated Direct Investment Survey (CDIS), Coordinated Portfolio Investment Survey (CPIS), and Financial Soundness Indicators (FSIs) databases. However, only annual FSIs data for deposit-takers and other financial corporations are being reported. FSIs on nonfinancial corporations, households, market liquidity, and real estate markets are not available. The BCU disseminates FSIs for individual banks on a monthly basis and generates FSIs for the banking system weighting individual bank FSIs by their asset share. Uruguay reports data on several series indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| External sector statistics: Balance of payments and international investment position statistics are compiled and published on a quarterly basis. Data are compiled following the recommendations of the sixth edition of the Balance of Payments Manual. Uruguay disseminates the international reserves and foreign currency liquidity data template, submits quarterly external debt statistics to the World Bank’s Quarterly External Debt Statistics (QEDS) database, and participates in the Coordinated Portfolio Investment Survey (CPIS) and the Coordinated Direct Investment Survey (CDIS). | |
| II. Data Standards and Quality | |
| Uruguay subscribed to the SDDS in February 2004 and is in observance. | Data ROSC published on October 1, 2001. A data reassessment ROSC on CPI, PPI and NA was published in February 2014. |
| III. Reporting to STA | |
| Both the consumer and wholesale price indices are reported on a regular and timely basis for publication in the International Financial Statistics (IFS). The authorities do not provide trade price and volume indices for publication in the IFS. Annual GFS are regularly reported to STA for publication in the Government Finance Statistics Yearbook. No high frequency GFS are reported for publication in the International Financial Statistics. Uruguay reports to STA balance of payments and IIP data for publication in the IFS and the Balance of Payments Statistics Yearbook. | |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. Most affected area is national accounts. | |
| National accounts: In 2009, the Uruguayan authorities completed a revision of national accounts statistics, in which they updated the benchmark year (from 1983 to 1997), set the reference period for the volume estimates in 2005, and adopted the System of National Accounts (SNA) 1993. However, national accounts statistics still have some shortcomings: the benchmark year is obsolete, expenditure GDP contains some residual components, fixed ratios are used for various activities, coverage of the enterprise survey is limited, the update of the business register is partial, source data for some components of GDP are of poor quality, and information on the informal economy is inadequate. GDP time series on the BCU website are available starting in 1997. A national accounts rebasing project (to 2012) is underway, and the new figures, in line with the 2008 SNA, will be disseminated in 2020. | |
| Prices: The base period for the consumer price index is December 2010 = 100. The CPI has national coverage, and it does not cover either the implicit rent or the net acquisitions of owner-occupied dwellings. The reselection of the sample of detailed products has not been done for an extended period (the current weights are based on the 2005–06 household income and expenditure survey). Producer price indices (March 2010 =100) for national products are available, but do not cover utilities, construction, and services, and exported output. The CPI and PPI would benefit from a more regular and frequent schedule of weight updates. | |
| Government finance statistics: Official data on the central administration, the state owned enterprises and the social security system are disseminated regularly and on time. However, above-the-line data (revenue and expenditure) for local governments are not available. Monthly data for financing and quarterly data for debt for the central government and total public sector are disseminated on the BCU website from 1999 onwards, but no information is reported for publication in the International Financial Statistics. Annual information submitted for the Government Finance Statistics Yearbook covers the consolidated central government (budgetary central government plus social security funds) and consolidated general government, but COFOG is not reported and local governments information belongs to financing operations only; thereby, consolidated general government’s covers only operations and stocks on financial assets and liabilities. | |
| Monetary and financial statistics: Monetary and financial statistics are prepared in accordance with the IMF’s | |
| Financial sector surveillance: The authorities participate in the IMF’s Coordinated Direct Investment Survey (CDIS), Coordinated Portfolio Investment Survey (CPIS), and Financial Soundness Indicators (FSIs) databases. However, only annual FSIs data for deposit-takers and other financial corporations are being reported. FSIs on nonfinancial corporations, households, market liquidity, and real estate markets are not available. The BCU disseminates FSIs for individual banks on a monthly basis and generates FSIs for the banking system weighting individual bank FSIs by their asset share. Uruguay reports data on several series indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). | |
| External sector statistics: Balance of payments and international investment position statistics are compiled and published on a quarterly basis. Data are compiled following the recommendations of the sixth edition of the Balance of Payments Manual. Uruguay disseminates the international reserves and foreign currency liquidity data template, submits quarterly external debt statistics to the World Bank’s Quarterly External Debt Statistics (QEDS) database, and participates in the Coordinated Portfolio Investment Survey (CPIS) and the Coordinated Direct Investment Survey (CDIS). | |
| II. Data Standards and Quality | |
| Uruguay subscribed to the SDDS in February 2004 and is in observance. | Data ROSC published on October 1, 2001. A data reassessment ROSC on CPI, PPI and NA was published in February 2014. |
| III. Reporting to STA | |
| Both the consumer and wholesale price indices are reported on a regular and timely basis for publication in the International Financial Statistics (IFS). The authorities do not provide trade price and volume indices for publication in the IFS. Annual GFS are regularly reported to STA for publication in the Government Finance Statistics Yearbook. No high frequency GFS are reported for publication in the International Financial Statistics. Uruguay reports to STA balance of payments and IIP data for publication in the IFS and the Balance of Payments Statistics Yearbook. | |
Uruguay: Common Indicators Required For Surveillance
(As of January 10, 2020)
Includes reserve assets pledged or otherwise encumbered as well net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
This reflects the reassessment provided in the data ROSC (published in February 2014 and based on the findings of the mission that took place during August 20–31, 2012) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) (i) concepts and definitions, (ii) scope, (iii) classification/sectorization, and (iv) basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) (i) source data, (ii) assessment of source data, (iii) statistical techniques, (iv) assessment and validation of intermediate data and statistical outputs, and (v) revision studies.
Uruguay: Common Indicators Required For Surveillance
(As of January 10, 2020)
| Date of latest observation | Date received | Frequency of Data 7/ | Frequency of Reporting 7/ | Frequency of Publication 7/ | Memo items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological Soundness 8/ | Data Quality – Accuracy and Reliability 9/ | ||||||
| Exchange Rates | 01/09/20 | 01/10/20 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | 01/09/20 | 01/10/20 | D | D | D | ||
| Reserve/Base Money | 11/19 | 01/02/20 | M | M | M | ||
| Broad Money | 11/19 | 01/02/20 | M | M | M | ||
| Central Bank Balance Sheet | 11/19 | 01/02/20 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 11/19 | 01/02/20 | M | M | M | ||
| Interest Rates 2/ | 11/19 | 12/17/19 | D | D | D | ||
| Consumer Price Index | 12/19 | 12/06/19 | M | M | M | O, LO, O, O | LO, O, O, LNO, |
| Revenue, Expenditure, Balance and Composition of Financing 3/– Central Government 4/ | 11/19 | 12/31/19 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 4/5/ | Q3/19 | 12/31/19 | Q | Q | Q | ||
| External Current Account Balance | Q3/19 | 12/31/19 | Q | Q | Q | ||
| Exports and Imports of Goods and Services | 11/19 | 12/31/19 | M | M | M | ||
| GDP/GNP | Q3/19 | 12/17/19 | Q | Q | Q | LO, LO, LO, LO | LNO, LNO, LO, |
| Gross External Debt | Q3/19 | 12/31/19 | Q | Q | Q | ||
| International Investment Position 6/ | Q3/19 | 12/31/19 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
This reflects the reassessment provided in the data ROSC (published in February 2014 and based on the findings of the mission that took place during August 20–31, 2012) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) (i) concepts and definitions, (ii) scope, (iii) classification/sectorization, and (iv) basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) (i) source data, (ii) assessment of source data, (iii) statistical techniques, (iv) assessment and validation of intermediate data and statistical outputs, and (v) revision studies.
Uruguay: Common Indicators Required For Surveillance
(As of January 10, 2020)
| Date of latest observation | Date received | Frequency of Data 7/ | Frequency of Reporting 7/ | Frequency of Publication 7/ | Memo items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality – Methodological Soundness 8/ | Data Quality – Accuracy and Reliability 9/ | ||||||
| Exchange Rates | 01/09/20 | 01/10/20 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities 1/ | 01/09/20 | 01/10/20 | D | D | D | ||
| Reserve/Base Money | 11/19 | 01/02/20 | M | M | M | ||
| Broad Money | 11/19 | 01/02/20 | M | M | M | ||
| Central Bank Balance Sheet | 11/19 | 01/02/20 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 11/19 | 01/02/20 | M | M | M | ||
| Interest Rates 2/ | 11/19 | 12/17/19 | D | D | D | ||
| Consumer Price Index | 12/19 | 12/06/19 | M | M | M | O, LO, O, O | LO, O, O, LNO, |
| Revenue, Expenditure, Balance and Composition of Financing 3/– Central Government 4/ | 11/19 | 12/31/19 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt 4/5/ | Q3/19 | 12/31/19 | Q | Q | Q | ||
| External Current Account Balance | Q3/19 | 12/31/19 | Q | Q | Q | ||
| Exports and Imports of Goods and Services | 11/19 | 12/31/19 | M | M | M | ||
| GDP/GNP | Q3/19 | 12/17/19 | Q | Q | Q | LO, LO, LO, LO | LNO, LNO, LO, |
| Gross External Debt | Q3/19 | 12/31/19 | Q | Q | Q | ||
| International Investment Position 6/ | Q3/19 | 12/31/19 | Q | Q | Q | ||
Includes reserve assets pledged or otherwise encumbered as well net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
This reflects the reassessment provided in the data ROSC (published in February 2014 and based on the findings of the mission that took place during August 20–31, 2012) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) (i) concepts and definitions, (ii) scope, (iii) classification/sectorization, and (iv) basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).
Same as footnote 9, except referring to international standards concerning (respectively) (i) source data, (ii) assessment of source data, (iii) statistical techniques, (iv) assessment and validation of intermediate data and statistical outputs, and (v) revision studies.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.