The International Monetary Fund is setting aside $1.13 billion to support Uruguay?s efforts to stabilize its economy. The South American nation may immediately draw $45.3 million from the credit line, which will remain open over the next three years. Uruguay has been collaborating with the lender to carry out a string of economic reforms since suffering from a financial crisis in 2002. IMF deputy managing director Agustin Carstens gave a "very favorable" grade to the government for its performance in reform implementation. He stressed, however, that the country must do more to revive the economy, noting that "important weaknesses and risks remain - including a still large public debt, weaknesses in the financial sector, and obstacles to investment that hamper Uruguay's growth potential."
Source: IMF Approves $1.13B Loan For Uruguay (Dow Jones Newswires)