Monetary Policy Framework Enhancement

3 For 2021, the government is targeting an improvement in the fiscal balance within the rules-based framework Central Government Fiscal Balance (1) (In % of GDP) 2016 2017 2018 2019 2020 Sep-2021* -1 -3 -4.0 -5 Interest payments -7 Primary Balance -Overall Balance (*) Last 12 months. (1) Does not Include extraordinary inflows to the Social Security Trust Fund. Source: Central Bank of Uruguay; Ministry of Economy and Finance of Uruguay -5.8 -5.0 Central Government deficit for 2021 is projected at 4.9% of GDP. given assumed real an GDP growth of 3.5%. 15

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