The interim minister of Economy and Finance, Alejandro Irastorza, He anticipated that the government estimates that in 2024 the economy will resume the growth path “with more strength”, after the shock caused by the drought this year, mainly during the first semester.
Irastorza anticipated that it expects the situation to be reversed in the remainder of 2023, but clarified that for next year they foresee a greater improvement, driven by the increase in exports of goods and services.
The hierarch, at the head of the MEF because the minister Azucena Arbeleche is found in China, within the framework of the official mission headed by the president Luis Lacalle Pou, He expressed this when speaking at the XXXIX Latin American Congress of Foreign Trade organized by the Latin American Federation of Banks (Felaban) and the Republic Bank (BROU), which was carried out in Punta del Este.
There, he maintained that the expectation is that the exports of goods of agricultural origin return to a normal situation, along with a boost in placements of industrial origin, thanks to the new plant cellulose of UPM which began operations this year and will reach its maximum operating capacity in 2024. In addition, the current high levels of service exports are expected to continue.
Management defense
In his speech, Irastorza He highlighted the “responsible and prudent management of public resources” and valued “the fulfillment of the objectives, the careful and credible macroeconomic management and the commitment to the development of the structural reform agenda.”
The leader pointed out that this “is the value that this administration is leaving to the country and that is recognized by investors and rating agencies,” in relation to the improvement of credit ratings, something that, he considered, “will allow us to build a more stable and prosperous for all Uruguayans.”
At the same time, he highlighted that despite the pandemic, the invasion of Russia to Ukraine and the water emergency that caused the water crisis, “The government has kept its focus on long-term issues, which are the structural reforms that we believe are necessary to leverage greater growth and development.”
The importance of environmental policy
Irastorza He also highlighted environmental policy and pointed out that “Uruguay has achieved a strategic positioning in several environmental, social and governance (ESG) indicators, which allowed it to have the highest credit rating in its history and the lowest sovereign spread.
“We are also being pioneers in sustainable finance. In October 2022 we issue an innovative sovereign bond linked to climate change indicators,” the interim minister stuck out his chest.
At the same time, he highlighted that “the Board of Directors of the world Bank approved a loan that for the first time will reward compliance with climate objectives associated with the commitments assumed in the Paris Agreement.”
Source: Ambito
