Uruguay has announced its intention to repay early all outstanding obligations to the International Monetary Fund (IMF), amounting to an estimated 1.080 billion US dollars.Finance minister Danilo Astori also announced the cancelling the current Stand-By Arrangement which extended until 2008.
Mr. Rodrigo de Rato, the Managing Director of the IMF, said, "I welcome Uruguay's decision to repay its outstanding obligations to the Fund. This decision reflects the quick recovery of Uruguay from crisis, supported by the international community and the Fund, and its renewed access to international capital markets. The track record of sound macroeconomic policy management has provided the basis for the consolidation of market confidence, strong economic outcomes, and an improved profile of public debt".
