Uruguay Secures World Bank Support for Reforms

The World Bank will lend USD400 million to back Uruguay's reform program. According to the

, the funding will be used to support social safety net, implement a new tax scheme, and improve the business climate and capital market in the South American nation. "We support Uruguay's economic policy which is aimed at improving social inclusion with sound macroeconomic management and introducing reforms that enhance economic efficiency and competitiveness," World Bank Director for Argentina, Chile, Paraguay and Uruguay Pedro Alba said. "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."