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Investor Presentaiton

3 Fiscal targets met in 2020 on the back of disciplined policies and new fiscal framework.... The government honored its pledge to rationalize fiscal accounts by restraining discretionary expenditure, while allocating resources to contain Covid-19 impact on households and firms Central Government Fiscal Balance (1) (In % of GDP)) -1 -3 2016 2017 2018 2019 2020 -5 Primary Balance Interest payments Overall Balance -7 (1) Does not Include extraordinary inflows to the Social Security Trust Fund. Source: Central Bank of Uruguay; Ministry of Economy and Finance of Uruguay -4.0 -5.8 The Government met the 2020 target set in the Budget Law, even accounting for the re- basing of GDP (using previous national accounts estimates, which implies a lower nominal GDP, the fiscal balance observed would have been -6.3% of GDP, and the fiscal target was set at -6.6%). 21
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