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WB approves $400 mn to maintain reforms & protect economy
Feb '09
The World Bank Board of Executive Directors approved a US$400 million loan for the Second Programmatic Reform Implementation Development Policy Loan (PRIDPL-2) in support of the government' s reform program. It also provides an additional line of financing to face the impact of the international economic crisis.

Specifically, the initiative will support reforms in three key areas identified and prioritized by the government:

(i) Support for the social safety net to promote formal labor markets and social inclusion, so that all citizens can benefit from public development programs.
(ii) Implementation of a new tax scheme that improves the system's efficiency and equity.
(iii) Improvements in business climate and capital market development so as to increase the quality and quantity of investments by promoting a new regulatory framework for the capital market, improve the payment system, modernize the legal system, and enhance the accountability and transparency of information in the public and private financial sector, among others.

“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,” said Pedro Alba, World Bank Director for Argentina, Chile, Paraguay and Uruguay. “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,” he added.

This loan is part of a World Bank's 2005-2010 Assistance Strategy for Uruguay, the pillars of which include reducing vulnerability, sustaining growth and improving the standard of living of all its citizens.

The loan will use the variable spread option and be payable in 20.5 years, including a 15-year grace period, at six-month U.S. LIBOR minus 0.02 percent.

World Bank

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