In November Uruguay committed to clearing its balances with the IMF earlier than required, announcing its intention to repay its remaining balance of $1.1 billion sometime next year. The remaining debt was not due to be repaid until 2008. This follows two other early repayments, made in March and July. Uruguayan economy minister Danilo Astori said that the decision marked the beginning of a new phase in his country’s relationship with the IMF. The repayments will likely be financed by new sovereign bond issues. The IMF welcomed both the early repayment announcement by Uruguay and the completed early repayment by Indonesia.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
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