FROM THE OFFICE OF PUBLIC AFFAIRS

The United States was pleased to assist in the Government of Uruguay's backing of 100 percent of dollar-denominated sight and savings deposits in public and private domestic banks. Timely support enabling Uruguayan banks to open Monday, August 5, 2002, came through the Exchange Stabilization Fund (ESF) in the form of a bridge loan to the disbursement of funds from the IMF, the World Bank, and the Inter-American Development Bank. Uruguay drew $1,466,000,000 on Monday, August 5, from the bridge loan and completed full repayment plus $271,351 in interest payments on Friday, August 9. Support from the IMF, the IDB and the World Bank, along with the reform commitment of the Uruguayan authorities, helped increase confidence in Uruguay's financial sector.