乌拉圭：2025年第四条磋商新闻稿；员工报告；乌拉圭执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FORURUGUAY Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation withUruguay, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsOctober 24, 2025consideration of the staff report that concluded the Article IVconsultation withUruguay. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onOctober 24, 2025, following discussions that ended onSeptember19, 2025, with the officials ofUruguayon economic developments andpolicies. Based on information available at the time of these discussions, the staffreport was completed onOctober 6, 2025. •AnInformational Annexprepared by the IMFstaff. •AStatement by the Executive DirectorforUruguay. The document listed below havebeen or will be separately released. •Selected Issues TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. Inflation IMF Executive Board Concludes 2025 Article IVConsultation with Uruguay FOR IMMEDIATE RELEASE •Real GDP growth is expected to reach2.5 percent in 2025, driven by domesticdemand and exports. Inflation is expected to remain around the central bank target of4.5 percent. •Macroeconomic risks are broadly balanced. Uruguay’s economy remains sensitive tocommodity price movements, global financial conditions, and regional developments,but ample liquidity buffers limit the risks. Upside risks include strong agriculturalharvests, favorable commodity prices, or opportunities to access new markets, amongothers. •Upgrades of the fiscal and monetary policy frameworks are welcome. Prudent fiscaland monetary policies and structural reforms will be key to ensure macroeconomicstability, boost productivity, competitiveness, and resilience to climate-related shocks. Washington, DC – October 30, 2025:The Executive Board of the International MonetaryFund (IMF) completed the Article IV Consultation for Uruguay.1The authorities haveconsented to the publication of the Staff Report prepared for this consultation.2 Uruguay’s economy grew strongly in 2024, at 3.1 percent. Agricultural production, which hadbeen affected by a severe drought the previous year, and growing inbound tourism, alsocontributed to improving the external position. The output gap nearly closed and theunemployment rate ticked down while inflation fell to 4.2 percent in August 2025, below thecentral bank target. With inflation expectations also declining, the central bank started easingmonetary policy in July. In 2024, the fiscal deficit of the central government, including socialsecurity, increased to 3.2 percent of GDP, necessitating the activation of the fiscal rule’sescape clause. A new administration took over in March 2025, with an agenda that seeks tobalance inclusive growth with macroeconomic stability. Fueled by the post-pandemic recovery of real wages, a reduction in domestic uncertainty, andstrong tourism flows earlier in the year, domestic demand and exports are expected to supportreal GDP growth in 2025, to 2.5 percent. Inflation is projected to converge around the centralbank target of 4.5 percent, accompanied by a gradual easing of monetary policy. The currentaccount deficit is expected to widen slightly to 1.7 percent of GDP in the medium term, in linewith fundamentals. Macroeconomic risks are broadly balanced. Uruguay’s economy remainssensitive to commodity price movements, global financial conditions, and regionaldevelopments. Ample liquidity buffers, long debt maturities, favorable borrowing conditions,and an increasing share of domestic debt issuances limit near-term fiscal risks, and systemicrisks remain contained. Upside risks include strong agricultural harvests, favorable commodityprices, or opportunities to access new markets, among others. Executive Board Assessment3 Executive Directors highlighted the resilience of Uruguay’s economy to external shocks, whichhas been supported by sound macroeconomic policies. They welcomed the authorities’progress in upgrading the fiscal and monetary policy frameworks, which will further buttresseconomic stability, and underscored the importance of sustaining the reform momentum toboost sustainable and inclusive growth. Directors welcomed the authorities’ commitment to prudent fiscal policy and their five yearbudget plan to reduce the deficit and stabil