[Gpn-announcements] Uruguay to Free Itself from IMF

[Tony Avirgan]

MONTEVIDEO (Reuters) - Uruguay dijo el miércoles que cancelará toda su deuda con el FMI de 1.080 millones de dólares, aunque no especificó en qué plazo, en una decisión que el gobierno dijo abre una "nueva etapa" en su relación con el organismo.

 

 

"Queremos compartir con ustedes la iniciación de una nueva etapa con el FMI, que tiene tres características: la cancelación total con el organismo, la cancelación del programa vigente (...) y en tercer lugar el mantenimiento de aquí en adelante del intercambio de información," dijo el ministro de Economía, Danilo Astori, en una conferencia de prensa.

 

 

El gobierno pagó este año al organismo internacional unos 1.546 millones de dólares correspondientes a vencimientos del 2006 y 2007.

 

 

 

 

 

Reuters

 

 

MONTEVIDEO, Uruguay, Nov 8 (Reuters) - Uruguay will pay off its entire $1.08 billion debt with the International Monetary Fund, Economy Minister Danilo Astori said on Wednesday, without immediately offering a timetable for the payment.

 

 

Astori told reporters the decision marks a "new phase" for the South American country in its relationship with the Washington-based lender.

 

 

Uruguay will likely use reserves and the proceeds from recent debt issues to make the payment, Astori said.

 

 

An economy ministry source told Reuters the country could also issue new debt to reduce the amount of reserves it uses.

 

 

Uruguay's two larger neighbors, Argentina and Brazil, both paid off their full IMF debts over the last year.

 

 

The announcement to pay the IMF came days after a fund mission arrived in Montevideo to discuss the country's progress in meeting economic targets laid out in its last loan program review.

 

 

Earlier this year, Uruguay made $1.55 billion in early payments on IMF debt due in 2006 and 2007, tapping proceeds from nearly $3 billion in dollar-denominated debt issues.

 

 

© Reuters 2006. All Rights Reserved

 

 

Tony Avirgan

Global Policy Network

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