IMF's role

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Page 204

In supporting Uruguay's debt exchange, as part of the overall economic program backed by the Stand-By Arrangement, the IMF endorsed specifically the objectives of closing the near-term financing gaps and restoring medium-term debt sustainability, while leaving the design of the operation to the authorities and their advisors. Throughout the operation, IMF staff stayed in close contact with the authorities and their advisors, focusing on assurances that financing gaps and debt sustainability were being addressed.

On the April 10 launch date,Horst Köhler, the IMF's Managing Director, in an open letter to the financial community endorsed the authorities' economic program, noting that high participation in the exchange...