2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uruguay


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

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Outstanding Purchases and Loans: None Latest Financial Arrangements:

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Overdue Obligations and Projected Payments to Fund1

(SDR Million; based on existing use of resources and present holdings of SDRs):

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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.

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Relations with Other International Institutions

Statistical Issues

(As of [January 8, 2020])

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Uruguay: Common Indicators Required For Surveillance

(As of January 10, 2020)

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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.