The World Bank has approved a USD 400 million loan to Uruguay as part of a program to promote reforms in areas such as welfare, tax and capital market regulation and which includes a financing facility to help the country face the global economic crisis. Describing the speed of approval and disbursement, Pedro Alba, World Bank Director for Argentina, Chile, Paraguay and Uruguay was quoted in the statement as saying, "This readily available loan also helps us respond in a prompt and flexible manner to the needs of countries like Uruguay that are facing the impacts of the global crisis." (Dow Jones)

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