#1A República Oriental del Uruguay Institutional Investor Presentation June 2020#2• • • • • • Timeline of key recent political and economic developments March 1st, 2020: the new President Lacalle Pou takes office for a 5-year term, leading a five-party political coalition with majority in Congress. March 11th, 2020: Presidential decree introduces fiscal austerity measures, including expenditure cuts across Ministries. March 13th, 2020: first cases of COVID-19 reported in Uruguay; the Government declares sanitary emergency and launches swift policy response. April 16th, 2020: first Monetary Policy Committee of the new Central Bank Board, announcing enhancements to the monetary policy framework and communication strategy. April 23rd, 2020: Government submits to Congress a bill that includes key structural reforms, including a new fiscal rule, changes to the governance of state-owned enterprises and a roadmap for pension reform. May 15th, 2020: Finnish company UPM and the Government signed an MoU confirming commitment to ongoing construction of the pulp mill. 2#3• • Government's strategy for virus containment after Covid-19 onset in Uruguay To slow the spread of the virus, the Government did not enforce a countrywide lockdown or mandatory house confinement; rather, it trusted citizens to adhere to voluntary social distancing and follow hygiene. protocols, by appealing to "individual freedom with social responsibility". In parallel, the Government took early and decisive action and sealed off land borders, closed air traffic except to chartered repatriation flights, suspended all public events and school classes, limited visits to nursing homes and encouraged citizens to stay home and telework. Effective coordinated response between public and private sector and scientific community: 。 strengthening the health care system and facilities, and medical equipment О extensive randomized testing and community tracing in outbreak areas (border with Brazil, nursing homes) and in reopening sectors (e.g. construction, shopping centers). 。 developing a roadmap for re-opening the economy in consultation with scientific experts and private sector representatives. 3#4So far, Uruguay is holding up well in the face of adversity: contagion curves are flattening and death toll remains subdued.. Spread of infection (As of June 16th, 2020) 6 5 + 3 N° of infected Log scale (base 10) 2 Covid 19-related deaths per million (As of June 16th, 2020) 240 Brazil Peru Chile Mexico 200 Colombia -Ecuador Argentina Panama Bolivia 160 Uruguay Ecuador Peru Brazil Chile Mexico 120 Panama 80 60 40 40 Bolivia Colombia Argentina 0 0 0 10 20 30 40 50 60 70 80 90 100 10-Mar 5-Apr 1-May 27-May 16-Jun Days since first confirmed case Uruguay As of June 19th, 2020, the number of active cases in Uruguay had dropped to 15 patients. Source: Johns Hopkins University; Our World in Data 4#5...while ensuring an elevated number of daily tests and contact tracing protocols, enabling the country to react to potentially new bouts in the near future Share of daily Covid-19 tests that are positive (Rolling 7-day average, as of June 15th, 2020) Uruguay 0 No data 0% 0.1% 1% 2% 5% 10% 20% >50% Source: Our World in Data LO 5#6Government and the Central Bank implemented policy measures to mitigate the economic and social fallout Fiscal policy measures Protect household income and human capital through direct income transfers, expanded unemployment and health insurance, tax relief and deferral of mortgage obligations. • Income transfers to vulnerable households to cover food expenses and basic needs. • Targeted temporary deferrals in payroll, VAT and other income taxes, and partial reduction of mortgage obligations in state-owned mortgage bank. • Expanded social safety net for unemployment and health insurance: O more flexible terms for unemployment claims, allowing firms to place employees in part-time schedules. О provision of unemployment benefit to self- employed workers. O Extensions of sick leave benefits for all workers 65+ years old, in both the public and private sector. • Credit and liquidity support Preserve the financial health and credit quality of micro, small and medium-sized enterprises (SMEs) to ensure functioning payment systems and supply chains between producers, suppliers, intermediaries and creditors. State-owned development bank (BROU) introduced more flexible loan repayment and financing terms. Capitalization of the National Guarantee System (SIGa) to leverage banking system loans to SMEs, reducing the commission charged by the guarantee system. • The National Development Agency launched direct credit program for micro-entrepreneurs at subsidized rates. The Central Bank deployed countercyclical monetary policy tools: o reduced commercial banks' local currency reserve requirements to inject additional liquidity into the financial system. o eased bank regulations, authorizing financial institutions to defer companies' loan payments coming due for up to 180 days. 6#7Banks' strong capitalization and liquidity position supports credit measures of the Central Bank; no spillovers to financial system from Argentina Solvency and liquidity of the banking system N° of times the minimum regulatory capital 2,0 1,9 1,8 Banking system's balance sheet exposure to Argentina (To the non-financial sector, % of total) 1/ Liquid assets Deposits in % of total* 50 40 41,5 40 35 55 1,7 30 1,6 1,5 1,4 Mar-18 Sep-18 Mar-19 (*) Liquid assets are those available within 30 days Source: Central Bank of Uruguay Sep-19 20 10 30 432° 0 2001 Loans 25 20 18,1 15 25 10 5 20 0 20 2001 10,7 2020* 1,4 2020* 1/ End-period; data for deposits includes only private non-financial sector (*) As of April 7#80 1 Panama Uruguay 2 Qatar Brazil 3 Peru 4 Uruguay's robust ESG features has underpinned steadfast response to the pandemic, yet there is no room for complacency ESG-adjusted EMBI benchmark (Country weights for 73 countries, in %; as of April 30th, 2020) Uruguay 5 Saudi Arabia Kazakhstan Dom. Republic Oman Egypt Bahrain Ghana Costa Rica Sri Lanka Kenya Paraguay Kuwait Lithuania South Africa Malaysia El Salvador Belarus Senegal Bolivia Morocco Gabon Cote D'Ivoire Armenia Vietnam Zambia India Suriname Belize Angola Ethiopia Cameroon Georgia • Trustworthiness of institutions: Very high public compliance with voluntary quarantine and adherence to social distancing measures. Strong democratic tradition meant citizens trusted public officials' guidance and health recommendations. • Socially stable country with relatively low inequality, low informality and a broad social insurance net: Efficient work of automatic stabilizers provide income and healthcare support, allowing Uruguayans to act on their commitment to voluntary distancing with no civil unrest aided by the country's low urban population density. Fiscal transparency and accountability and mature political system: Congress created by Law the "COVID-19 Solidarity Fund" (voted unanimously by all parties), to be managed by the Executive branch. The Fund clearly earmarks the resources and budgetary expenditures to address the emergency, keeping tabs of the Covid-related expenditures and where and how the money is spent. Source: J.P. Morgan Chase & Co. Disclaimer: "Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved." 8#9Uruguay remains a bastion of institutional, political and social stability in Latin America Strongest political stability and full democracy 1/2/ Highest adherence to the rule of law 3/ 100 Ո Ո Ո Ո 0,8 "Full Democracies" 80 00 60 60 40 40 20 0,6 0,4 0,2 5/ 0 0 URU CHL PAN ARG ECU PRY BOL PER BRA MEX COL URY CHL ARG PAN BRA COL PER ECU MEX BOL Lowest civil unrest 4/ 10 8 6 4 2 CHL MEX COL PRY ECU PER BRA ARG PAN URY Lowest corruption perception 80 60 60 40 40 20 20 0 PAR MEX BOL BRA PAN PER COL ECU ARG CHL URY Sources: 1/ Worldwide Governance Indicators, World Bank (2019); 2/ The Economist Intelligence Unit (2020); 3/ World Justice Project (2020); 4/ Verisk Maplecroft (first quarter of 2020); Transparency International (2020) 0 9#10Low informality and broad social safety net ensures efficient work of automatic stabilizers Labour market formality compared to Latam (Contributors to social security system as % of workforce) 60 80 70 70 60 50 40 40 30 20 20 10 Unemployment and sickness insurance (In thousands) 120 Jobless claims per month 60 100 Number of health insurance beneficiaries as of each month (left axis) 50 80 60 60 40 20 سنا 0 0 URY CHL BRA ARG PAN ECU COL MEX PER PRY BOL Jan-19 Apr-19 Jul-19 40 40 30 LIL 20 Oct-19 Jan-20 Apr-20 Jun-20* • 1/ Latest data available through April 2020. (*) As of June 14th Given the COVID-19 containment measures, both sickness and unemployment insurance became a crucial policy instrument to broadly and orderly cope with the health emergency and its fallout. Developed welfare system for working-age people in Uruguay consists of near-universal access to healthcare, unemployment insurance, sickness insurance, and child and familiy benefits. The sharp increase in health insurance beneficiaries in March was mainly driven by the government's proactive policy of providing wage compensation through sick leave to all elderly workers (over 65 years old) in the public and private sector, so that could stay at home. Source: International Labour Organization - Regional Office for Latin America and Caribean (2015); Social Security Bank, Ministry of Economy and Finance 110#11Low and declining virus incidence has allowed for faster renormalization of business and social activities Leading indicators suggest that economic downdraft may have bottomed-out, and a gradual recovery is underway: Electricity demand per day (YoY change, in %) Fuel demand per day (Rolling 7-day, YoY change, in %) 30 20 20 10 10 -10 First Covid-19 cases confirmed on March 13 -20 40 20 20 0 -20 -40 First Covid-19 cases confirmed on March 13 -60 -30 -80 1-Mar 19-Mar 6-Apr 24-Apr 12-May 30-May 16-Jun 1-Mar 19-Mar 6-Apr 24-Apr 12-May 30-May 16-Jun Source: Ministry of Economy and Finance 11#12Challenges before Covid-19 outbreak: decelerating economy, persistent fiscal deterioration and increasing debt burden Real GDP (Annual change, in %) 8 6 4 2 0 Real gross fixed capital investment (Annual change, in %) 30 20 10 0 0,2 -2 2005 2008 2011 2014 2017 -1,4 2020Q1* ㅎㅎ -10 -20 2005 2008 2011 2014 2017 2020Q1* (*) YoY (*) YoY Central Government fiscal balance 1/ Central Government debt (In % of GDP, end of period) (In % of GDP) Primary Balance Interests Overall Balance 80 1 -1 -3 -5 2015 2016 2017 2018 2019 1/ Does not Include inflows of funds to the Social Security Trust, of 1.2% of GDP (*) Last 12 months Sources: Central Bank of Uruguay; Ministry of Economy and Finance of Uruguay Gross Debt Net Debt 00 60 -1,7 54,4 49,6 40 -2,7 20 -4,4 Apr-20* 0 2005 2007 2009 2011 2013 2015 2017 2018 2019 2020Q1 12#13The new government moved promptly on its pledge to tackle the fiscal deficit through expenditure cuts Fiscal austerity measures introduced through a Presidential decree on March 11th, that have remained in place despite Covid-19: • . Reduction of discretionary spending and more efficient budget execution: ministries must save 15% on operating, investment and administrative expenses. Restrictions on public sector hiring: only one third of personnel vacancies in the central government can be filled during the year, except for teachers, health and security personnel. Reduction in tax expenditures: reduced VAT exemptions on credit and debit cards purchases. 13#14The government is forging ahead with an ambitious reform agenda backed by political majority in Congress Despite the Covid-19 outbreak, the Government moved forward and submitted to Parliament an omnibus bill ("Urgent Consideration Law"), including a spate of structural and fiscal reforms: • . . new fiscal framework to ensure sustainable finances over the medium term: fiscal rule to account for business cycle (structural balance) and government spending capped by potential GDP growth. new governance policies for public enterprises; establishment of a commission of experts to make proposals for a comprehensive pension reform; microeconomic reforms to boost potential GDP and improve business. climate and competitiveness (changes in the regulatory framework for energy markets and promotion of competition in non-tradable sectors). 14#15Milestones and timing of political & budget process • • • Urgent Consideration Law Accountability Law: Fiscal Performance Report for 2019 2020-2025 Budget Law Submitted to Congress on April 23rd 90-day discussion (approx). Senate approved it on June 5th (of the 501 articles proposed, 476 were enacted). The Chamber of Representatives will have 30 days to discuss it. • . • • Must be submitted to Congress by June 30th • Draft bill containing the fiscal performance report for year 2019 90-day discussion (approx.) • Must be submitted to Congress by August 31st 120-day discussion (approx.) 15#16Inflation above target: shock to beef prices and FX depreciation pass-through partially offset by falling non-tradable inflation Headline Inflation (Annual, in %) 12 Tradable and non-tradable inflation components 1/ (Annual, in %) 16 11,1 First Covid-19 14 cases confirmed 10 8 6 on March 13 9,9 Inflation expectation 1/ 12 10 Inflation Target Band 6 4 Tradables 15,5 Tradables without Beef Non-Tradables 11,2 7,3 2 2 May-15 May-16 May-17 May-18 May-19 May-20 Dic-20 May-15 May-16 May-17 May-18 May-19 May-20 1/ Median expectation in Central Bank's market survey as of May 2020 Source: National Institute of Statistics (INE); Central Bank of Uruguay 1/ Excluding fruits and vegetables, and administred prices 16#17Enhancements to monetary policy framework under the inflation targeting regime • • Once the epidemic recedes, the Central Bank will focus on disinflation strategy as its overriding objective, planning to: o tighten monetary policy to anchor inflation expectations within inflation target. o re-assess the policy instrument with the possibility to revert to the short term reference rate to improve signals to economic agents. Monetary authority's commitment to break inflation expectations inertia and new wage-setting guidelines for the private sector that prioritize employment creation, should reinforce disinflation pressures as softer economic activity cools down price. increases. 17#18New communication strategy and developing the FX derivative markets ● • In the Monetary Policy Committee in April, 2020, the Central Bank introduced innovations to its communication and transparency strategy: o Doubled the frequency of its Monetary Policy Committee (MPC) meetings to better react to rapidly evolving conditions. ○ Started publishing minutes of the MPC to provide more clarity. o Relaunch of the economic expectations survey, significantly increasing the number of respondents. Further actions to develop the FX derivative market: create repository of OTC transactions to provide more transparency, availability and efficient price discovery on FX hedging markets. 18#19Floating exchange as a shock absorber; Central Bank intervenes on both sides of the market to smooth out undue volatility Currency performance vs USD since Covid-19 world outbreak (Percent change since February 19th, as of June 16th, 2020) Mexican Peso Brazilian Real Uruguayan Peso Turkish Lira Argentine Peso Colombian Peso Russian Ruble Indian Rupee Indonesian Rupiah Peruvian Sol Malaysian Ringgit Chinese Renminbi Singapore Dollar New Zealand Dollar Chilean Peso Australian Dollar Japanese Yen 150 13,1 100 Euro -10 -505 10 15 20 20 25 25 Apreciation Depreciation Source: Bloomberg; Central Bank of Uruguay Exchange rate and Central Bank FX intervention Spot market interventions (in USD millions) Nominal exchange rate (pesos per dollar, right axis) Year-end market expectation 1/ 46 44.9 44 42 42 Dollar Purchases 50 40 0 -50 -100 -150 Jan-18 Aug-18 Mar-19 Dollar Sales Oct-19 38 36 34 32 30 28 May-20 Dic-20 1/ Median expectation in Central Bank's market survey as of May 2020 19#20Sizable international reserves are an important backstop for external stability and key policy anchor International reserves (End-of-period) Current account balance compared with Latam (In % of GDP, 2019) 20 20 1 0,7 0 -1 -2 -3 -4 -5 15 10 10 5 In USD billion in % of GDP (right axis) 35 15,9 30 29,2 25 0 2010 2012 2014 2016 2018 Apr-20 International reserves compared to LatAm (In % of GDP, 2019) 15 GN NW 25 20 30 10 -6 5 URY MEX ECU ARG PRY PER BRA BOL CHL COL PAN 0 Source: Central Bank of Uruguay; International Monetary Fund 20 15 10 10 PER URY PAR BRA COL BOL MEX CHL ARG PAN ECU 20 20#21Largest-ever private investment in the country proceeding as scheduled: Uruguay poised to receive large FDI inflows Construction of new pulp mill • Finnish company UPM will build a second cellulose plant in the country Overall investment: approx. USD 3 billion (5% of GDP) Will have a material positive impact on GDP growth, employment and Balance of Payments • World-class design with proven high environmental performance UPM and the new Government of Uruguay have signed a MoU on pending items related to UPM's growth project in Uruguay that will further strengthen the implementation of UPM's growth project and existing operations in the country as well as the local economy. ARGENTINA Monte Caseros Bella Union Artigos Querel BRAZIL Rivera Railway infrastructure project . . Central Railway will run from city of Paso de los Toros to the port of Montevideo (273 km long) Public-Private-Partnership (PPP) modality USD 1,000 million investment salte Tacuarembo Paysanda URUGUAY OMercedes UPM I Garda Trinidad UPM II Treinta y Tres Durazno Minas Rocha anelones Colenia Ride in Place San MONTEVIDE Florida Source: https://www.upm.uy/crecimiento/; Ministry of Economy and Finance ARGENTINA Melo Maldona ATLANTIC OCEA ** UPM = 21 24#22Central Government's funding needs and financing strategies Flow of funds for 2020 1/ (In USD million) FINANCING NEEDS 4,649 Amortization of Bonds and Loans 1,618 Interest Payments 1,529 Primary Deficit (a) 1,501 Estimated overall deficit of 6,7% of GDP, given a projected real GDP contraction of 3% in 2020. FUNDING SOURCES 4,649 Multilateral Loans 1,520 Domestic and External Bond Issuance 3,750 Net Others 128 Year-to-date: 43% (USD 1612 million) of total estimated bond issuance for 2020 has been completed (through domestic auctions in local currency Treasury Notes). Use of Assets (b) -750 Memo Item: Net Bond Issuance 1/ Projections. 2,132 (a) Excludes extraordinary transfers to the public Social Security Trust Fund. (b) Negative figure indicates an accumulation of Central Government liquid assets. • For the rest of 2020, the Government will strive to rebalance currency mix in international debt market issuances: will aim to develop the global local currency curve (in CPI-linked and/or nominal fixed-rate), to the extent that borrowing costs in local currency remain consistent with sustainable debt dynamics and fiscal restraint. Otherwise, does not rule out re-tapping international debt market in dollars. Source: Debt Management Unit, Ministry of Economy and Finance 22 22#23Government's sizable international reserves and liquidity buffers mitigate risks to external debt sustainability; dollar credit spreads remain subdued and clustered among higher-rated Latam peers Liquidity buffers and short term debt service obligations (In USD million, as of end-May 2020) Change in sovereign risk premium since COVID-19 outbreak (EMBI spread, in bps) 4.000 3.000 Available redit Lines from 2.000 Multilaterals 1.000 Liquid Assets 0 ■Foreign Currency ■Local Currency 500 Liquidity buffer Debt service over next 12 months 1/ Debt service includes amortization plus interest payments Source: Debt Management Unit, Ministry of Economy and Finance; Bloomberg June 16, 2020 400 BRA PRY 300 COL URY PAN 200 CHL O PER 100 100 200 MEX 300 February 19, 2020 (pre-Covid 19) 400 500 23 23#24Disclaimer THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES IN ANY JURISDICTION OR AN INDUCEMENT TO ENTER INTO INVESTMENT ACTIVITY. THIS PRESENTATION HAS BEEN PREPARED BY THE REPUBLIC OF URUGUAY ("URUGUAY") SOLELY FOR INFORMATION PURPOSES. THIS PRESENTATION DOES NOT CONTAIN ALL THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. NO PART OF THIS PRESENTATION, NOR THE FACT OF ITS DISTRIBUTION, SHOULD FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT OR INVESTMENT DECISION WHATSOEVER. THIS PRESENTATION IS NOT FINANCIAL, LEGAL, TAX OR OTHER PRODUCT ADVICE. NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THE INFORMATION OR ANY OPINION CONTAINED HEREIN. THE INFORMATION CONTAINED IN THIS PRESENTATION SHOULD BE CONSIDERED IN THE CONTEXT OF THE CIRCUMSTANCES PREVAILING AT THE TIME AND WILL NOT BE UPDATED TO REFLECT MATERIAL DEVELOPMENTS THAT MAY OCCUR AFTER THE DATE OF THE PRESENTATION. NEITHER URUGUAY NOR ANY OF ITS AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, OFFICIALS OR ADVISORS SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS ARISING FROM ANY USE OF THIS PRESENTATION OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS PRESENTATION. The presentation may contain statements that reflect Uruguay's beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the future, some of which are beyond Uruguay's control. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Uruguay does not undertake any obligation to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 24#25ANNEX 25 25#26Economic pressures in Argentina have spilled through inbound tourism, yet exports of other services picked up some of the slack Real effective exchange rate vis-à-vis other countries and regions (Index base 100 = January 2017) 130 Real Depreciation 120 Rest of the World 110 100 Overall Exports of services (In USD million) 6.000 4.000 90 90 Brazil 2.000 60 Real Appreciation 80 10 70 Argentina Tourism ■Other /1 0 2012 2014 2016 2018 2019 60 Jan-17 Sep-17 May-18 Jan-19 Sep-19 Apr-20 1/Software, transport, logistics, maintenance, financial, personal and professional and consultancy services Source: Central Bank of Uruguay 26#27Government's proactive debt management strategy: reduce roll- over risk and FX exposure in short term debt Currency and maturity structure of Government debt (End-period) Debt in Foreign Currency (% of total) Government debt maturing in next 12 months (in % of total of total debt outstanding, as of end of each period) 100 75 50 25 Average Time to Maturity (in years, RHS) 15 14,4 15.5 ■Foreign Currency Local Currency 12 57,6 9 4.5 0 6 2005 2020Q1 2005 2008 2011 2014 2017 2020Q1 Source: Debt Management Unit, Ministry of Economy and Finance 27#28Uruguay's credit rating performance Evolution of Uruguay's sovereign credit ratings Baa1/BBB+/BBB+ Baa2/BBB/BBB Moody's S&P Fitch Investment Grade Baa3/BBB-/BBB- Ba1/BB+/BB+ Ba2/BB/BB Ba3/BB-/BB- B1/B+/B+ B2/B/B 2006 2008 2010 2012 2014 2016 2018 2020 Sources: Moody's, S&P, R&I, DBRS and Fitch Latest credit rating actions STANDARD & POOR'S RATINGS SERVICES MCGRAW HILL FINANCIAL April 2020. Affirmed Uruguay's rating at BBB, outlook remained stable. Fitch Ratings February 2020. Confirmed Uruguay's rating at BBB- with Negative outlook. R&I February 2020. Affirmed Uruguay's rating at BBB, and changed outlook to Positive from Stable. DBRS January 2020. Confirmed Uruguay's rating at BBB (low) with Stable trend. MOODY'S INVESTORS SERVICE August 2019. Uruguay's rating affirmed at Baa2 with Stable outlook. 28 28#29Uruguay has been widely recognized for the transformation of its energy matrix over the past decade away from fossil fuels, and is often referred to as a global “Green Energy Leader" Electricity generation by wind energy (In % of total) Electricity generation by source (In % of total, year 2019) 35 30 50 25 20 15 10 5 0 2007 2009 2011 2013 2015 2017 2019 Fossil Fuel 2% Biomass 15% Solar 3% • Wind 30% Hidroelectric 50% Uruguay is 4th in the world in wind and solar generation, and 1st in Latin America Source: National Energetic Preliminary Balance 2019, Ministry of Industry, Energy and Mining; The International Energy Agency 29 29#30Source: World Economic Forum 0 Sweden Switzerland Finland Denmark Norway 10 Austria nadom U. Kingdom France erlands Iceland Iceland Netherlands Uruguay Ireland Singapore Luxembourg Lithuania Latvia Latvia New Zealand Belgium Portugal Germany Estonia Japan Japan Slovenia Spain Colombia Italy Costa Rica Canada Chile Israel 20 Hungary United States Slovak Rep. Malta Romania Australia Croatia Malaysia laysia Peru Panama Georgia Czech Rep. Paraguay Azerbaijan Ecuador 30 Cyprus Brazil Brazil Korea, Rep. Brunei Dar Dar. Mexico Morocco Albania Thailand Qatar Sri Lanka Argentina Philippines El Salvador Greece Armenia Bulgaria Montenegro UAE Namibia Viet Nam Ghana Turkey 40 Bolivia Poland Indonesia Dominican Rep. Moldova Oman Oman India India Jamaica Guatemala Trinidad and Tob. China Kenya Kenya Russia 50 jikistan Tajikistan Jordan Algeria Egypt Honduras Saudi Arabia ladesh Bangladesh Kazakhstan Tunisia Bahrain 30 Cambodia Tanzania Kuwait Pakistan Nepal Nicaragua Ethiopia Zambia Botswana Serbia Iran Ukraine Bosnia and Herz. Senegal Kyrgyz Rep. South Africa Zimbabwe Mozambiq Benin Venezuela Cameroon Nigeria Lebanon Haiti 80 Uruguay Transition Index: low air pollution and carbon footprint Top performer amongst developing economies in Energy Energy Transition Index (ETI) in 2020 (Ranking position) ■Developing economies ■Advanced economies