Western Hemisphere > Uruguay

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International Monetary Fund. Western Hemisphere Dept.
Uruguay entered the pandemic with solid institutions and social cohesion but growing macroeconomic imbalances—especially slow economic growth and weak public finances—as the end of the last commodity price boom in 2014 uncovered structural weaknesses. A new government came to power in March 2020 with a mandate to boost growth and restore fiscal sustainability. Legislation setting the foundations for many of the reforms has been passed and implementation is advancing––including on a new fiscal rule, and state-owned enterprise (SOE) and pension reforms.
International Monetary Fund. Western Hemisphere Dept.
This Article IV Consultation highlights that Uruguay has preserved macroeconomic stability in the wake of the turbulence in the region due to prudent policies and the accumulation of buffers over the years. With the worsening outlook and less friendly external environment, in the near term, policies should focus on maintaining resilience. In this context, additional efforts are needed to put debt on a firm downward trajectory and reduce inflation to within the target band. The IMF staff assesses that the external position is broadly consistent with fundamentals and desirable policy settings. The authorities and IMF staff have remained in broad agreement on the macroeconomic policy objectives, including maintaining public debt on a sustainable trajectory, keeping inflation low, and allowing exchange rate to adjust in line with fundamentals. Fiscal adjustment, however, has not proceeded as quickly as had been originally expected, and inflation has proven difficult to contain within the authorities’ target range.
International Monetary Fund. Western Hemisphere Dept.
Uruguay has achieved more than a decade of high and inclusive economic growth, supported by social stability and reduced regional linkages. The country has weathered the recent global and regional headwinds relatively well so far. Yet the economy is slowing down, while inflation remains above target, and deposit dollarization has risen. While the baseline projection foresees a temporary and moderate slowdown, the country is exposed to further shocks, especially from the immediate region.
International Monetary Fund. Western Hemisphere Dept.
Uruguay’s near-term outlook is positive, but with risks and policy challenges. Medium-term challenges include bolstering the economy’s resilience to shocks and fostering productivity growth. Inflation is a priority and monetary policy cannot fight inflation alone; concerted efforts on other fronts are also necessary. Near-term fiscal policy could better support monetary policy. A long-term policy challenge is to bolster growth prospects and reduce output volatility. The political cycle should be propitious for continued sound policies and progress with reforms.
International Monetary Fund
En los últimos años, el FMI ha publicado cada vez más informes y trabajos que abarcan los fenómenos y tendencias en materia económica y financiera en los países miembros. Un equipo de integrantes del personal técnico del FMI elabora cada informe tras celebrar consultas con los funcionarios de los gobiernos; el país miembro puede optar por publicar el informe.
International Monetary Fund
This Article IV Consultation reports that the overall balance of the central government of Paraguay is expected to be in equilibrium, while the central bank intends to withdraw excess liquidity as necessary to limit inflation to no more than 5 percent. Executive Directors commended the Paraguayan authorities for preserving macroeconomic stability in 2009 in the face of a severe drought and the global financial crisis. They emphasized the importance of fiscal reforms, aimed at increasing the tax ratio, strengthening fiscal management, and reducing fiscal risks.
International Monetary Fund
This paper seeks Board approval of a phased migration strategy for implementing the GFSM 2001 as the standard for Fund fiscal data. The financial crisis has underscored the need for better and more comparable fiscal data, including on government assets and liabilities. In 2005, the Board endorsed the Government Finance Statistics Manual 2001 (GFSM 2001) and asked staff to propose a migration strategy for the Fund, based on lessons to be drawn from conducting pilot studies. The pilot studies and other tests confirmed that some aspects of the GFSM 2001 methodology (primarily relating to presentation) can be implemented by staff with relatively modest resource needs, while other aspects can proceed meaningfully only after member countries have made sufficient progress in their own fiscal reporting—including in detailed balance sheet breakdowns, and in strengthening underlying accounting systems.
International Monetary Fund. External Relations Dept.
George T. Abed, a Palestinian and a Jordanian national, took over this summer as Director of the IMF’s Middle Eastern Department. In his distinguished 20-year career at the IMF, he has worked on the Middle East and on fiscal policy issues worldwide. Outside the IMF, he taught at the University of California, Berkeley, and managed a development assistance foundation in Geneva, Switzerland. Laura Wallace spoke with him about the region’s prospects amid political tensions and difficult economic challenges. Besides modernizing the state and liberalizing the region’s economy, he stressed the paramount importance of democracy, human development, and attention to social needs.
International Monetary Fund
The paper provides a summary of Uruguay's practices with respect to the coverage, periodicity, and timeliness of the Special Data Dissemination Standard (SDDS) data categories, and an assessment of the quality of national accounts, prices, fiscal, monetary and financial, and external sector statistics. Uruguay has made good progress recently in improving the dissemination of statistical information. The Internet pages of the Central Bank of Uruguay (BCU) and the National Institute of Statistics (INE) allow increasingly detailed monitoring of developments in the Uruguayan economy.