Uruguay's Ministry of Economy and Finance hosted an investor briefing with the Central Bank of Uruguay and the Debt Management Unit, setting out the authorities’ macroeconomic outlook, government priorities and sovereign financing approach. Economy and Finance Minister Gabriel Oddone positioned responsible public finances as the administration’s credit anchor, emphasising fiscal stability and market credibility, underpinned by a refined fiscal rule aimed at converging to a prudent debt level and complemented by policies to lift growth through higher private investment. Debt Management Unit director Herman Kamil presented the 2025 debt management strategy, including deepening domestic local-currency markets, balancing local and foreign currency in international issuance, diversifying the investor base, limiting refinancing risk via liability management operations, and promoting a secondary market for local-currency global bonds. Central Bank of Uruguay president Guillermo Tolosa reiterated the focus on achieving low and stable inflation aligned with the 4.5% official target, while flagging challenges including persistent inflation-expectations bias, asymmetric disinflation, high financial dollarisation and low domestic-currency credit-to-GDP; he pointed to further consolidation of inflation targeting through consistent macro policies, improved transparency and communication, stronger technical and institutional capacity, and enhanced monetary policy transmission.
Ministry of Economy & Finance (Uruguay) 2025-05-19
Uruguay's Ministry of Economy and Finance and Central Bank of Uruguay outline fiscal-rule anchor, 2025 debt strategy and 4.5% inflation target to investors
Uruguay's Ministry of Economy and Finance, the Central Bank, and the Debt Management Unit outlined their macroeconomic outlook and sovereign financing strategy at an investor briefing. Key points included fiscal stability, a 2025 debt management strategy to deepen local-currency markets and diversify the investor base, and efforts to achieve low and stable inflation aligned with the 4.5% target. Challenges highlighted were persistent inflation-expectations bias, high financial dollarisation, and low domestic-currency credit-to-GDP.