Monetary Policy Framework Enhancement
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Key Credit Highlights.
Low Incidence of COVID-19 pandemic in 2020; swift vaccination plan in
2021 has effectively contained the virus spread, after virus surge in first half
of this year.
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Economic recovery underway, driven by foreign direct investment,
stronger industrial production and higher commodity exports.
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Fiscal targets met in 2020 under new fiscal rule; continued targeted
support for vulnerable companies and households during 2021,
while aiming for improved structural fiscal balance.
Monetary policy focused on reducing inflation and anchoring
inflation expectations, based on enhanced monetary policy
framework.
Resilient current account and large international reserve buffers.
Government forges ahead with structural reforms, including social
security, public enterprises and international trade integration.
7 Uruguay is a top global performer on ESG fundamentals; government is
committed to climate action policies towards a low-carbon economy.
Sovereign funding strategies focused on de-risking debt portfolio in a cost-
efficient way, as well as linking debt financing to environmental goals.
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