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Investor Presentaiton

2 Improvement in public finances since 2020 based on a strong commitment to fiscal discipline; the primary fiscal deficit has widened moderately in 2023 – mostly explained by an increase in public infrastructure investment and cyclically softer tax revenues. Central Government's fiscal balance (In % of GDP) -1 -3 2017 2018 2019 2020 2021 2022 Jun 2023* -5 Interest payments Primary balance -5.8 Overall balance -7 -4.1 -3.2 -3.9 Central Government overall deficit is budgeted at 3.2% of GDP in 2023, given projected real GDP growth of 1.3%. Source: Ministry of Economy and Finance of Uruguay and Central Bank of Uruguay, based on the Rendición de Cuentas 2022, submitted to Congress by end-June, 2023. Does not Include extraordinary inflows to the Social Security Trust Fund. (*) Last 12 months. Based on nominal GDP projection for the 12-month period ended June 2023. 11
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