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Therefore, commitment to fiscal consolidation will be important for ensuring fiscal sustainability.

Historically, public debt has declined sharply from almost 100% of GDP in 2003 to around 66% of GDP at the end of 2017.

This evolution can mainly be explained by weakening Uruguayan growth since 2015, when Brazil plunged into recession.

Since then, the government has introduced consolidation measures, resulting in declining fiscal deficits.

Its main weak points remain external debt and public debt, which are both elevated.

Based on its political stability and economic resilience, Uruguay’s MLT political risk has been rated well since 2010 with a classification of 3/7.

The administrations under FA have been actively tackling the weaknesses of public debt.

In the past 15 years, the country has only recorded positive GDP growth while, more recently, the current-account balance has turned into a surplus.Economic and political turmoil, in particular left-wing urban guerrilla attacks in the early 1970s, led the government to suspend the constitution and launch a period of repressive military rule.However, since the restoration of democratic rule in 1985, the country has once again been living up to its reputation and is broadly stable.In the coming years, the IMF expects the fiscal deficit to stabilise at around -2.5% of GDP.However, election years – such as 2019 – have seen historically higher spending and deficits, suggesting the deficit could widen again.

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