World Bank2014-06-052014-06-052010-06-22https://hdl.handle.net/10986/18524The policy notes have two objectives: (i) to present the incoming government team with a menu of policy options in areas where the World Bank has local and international experience; and (ii) to provide a framework for the dialogue between the new governments and the World Bank on the new Country Partnership Strategy (CPS). As such, the discussion of these notes with the authorities was also an opportunity to undertake preliminary consultations on the Bank's support to Uruguay for 2010-2015. The themes of the notes were selected by the outgoing authorities based on ongoing and completed World Bank work, and they prioritize areas where Bank cooperation would add the most value. Uruguay's economy is small, but it has many strengths and high potential for growth and social development. The country has a long democratic tradition, a political system characterized by clear rules of the game and governability, and solid institutions at all levels. Uruguay is one of the most equitable countries in Latin America and enjoys a social peace notable in the region. Good macroeconomic management following the 2002 crisis has reduced country vulnerabilities and strengthened confidence in its institutions. These characteristics are very valuable assets for promoting foreign and domestic investment, essential to sustain the high growth achieved in recent years. Another asset is the high coverage of the education system, although education quality has recently become a challenge.en-USCC BY 3.0 IGOACCOUNTINGAGRICULTURAL PRODUCTSAGRICULTURAL SECTORAMORTIZATIONBALANCE OF PAYMENTSBANK OFFICEBANKING SYSTEMBANKRUPTCYBENEFICIARIESBORROWINGBOTTLENECKSBROKERSBUDGET REVIEWBUDGETINGCAPITAL FLOWSCAPITAL FUNDSCAPITAL INFLOWSCAPITAL INVESTMENTSCAPITAL MARKETCAPITAL MARKET ACTIVITYCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL MARKETS DEVELOPMENTCARBON EMISSIONSCENTRAL BANKCENTRAL GOVERNMENT FINANCINGCLIMATE CHANGECOMMERCIAL BANKCOMMERCIAL BANK LOANSCONFLICTS OF INTERESTCORPORATE GOVERNANCECOST ESTIMATESCURRENCYCURRENCY MISMATCHESCURRENT ACCOUNTCUSTODYDEBT BURDENDEBT ISSUANCESDEBT ISSUEDEBT ISSUESDEFICITSDEVELOPMENT BANKDISADVANTAGED POPULATIONSDOMESTIC BONDSDOMESTIC DEBTECONOMIC ACTIVITIESECONOMIC ACTIVITYECONOMIES OF SCALEEDUCATION SPENDINGEDUCATION SYSTEMEDUCATION SYSTEMSEMERGING ECONOMIESEMISSIONSEMPLOYEEENROLLMENTENVIRONMENTAL IMPACTSEQUALITY OF OPPORTUNITYEQUIPMENTEXCHANGE RATEEXCLUSIONEXPORT COMPETITIVENESSEXPORT GROWTHEXTERNAL FINANCINGEXTERNAL SHOCKSFAMILIESFAMILY FARMSFAMILY INCOMEFINANCIAL EFFICIENCYFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL VIABILITYFINANCING REQUIREMENTSFISCAL DISCIPLINEFISCAL POLICYFLEXIBLE EXCHANGE RATEFOREIGN CURRENCIESFREIGHTFREIGHT OPERATIONSFREIGHT TRANSPORTFUELGENDERGOVERNMENT EXPENDITURESGREENHOUSE GASGREENHOUSE GAS EMISSIONSGREENHOUSE GASSESGROSS DOMESTIC PRODUCTHEAVY TRUCKSHIGHWAYHIGHWAY INVESTMENTHIGHWAYSHOUSEHOLD INCOMEHOUSEHOLDSHUMAN CAPITALHUMAN DEVELOPMENTHUMAN RESOURCEHUMAN RESOURCESINCOME INEQUALITYINCOME LEVELINCOME TAXINEQUALITIESINFLATIONINFLATIONARY PRESSURESINFORMATION DISCLOSUREINFORMATION SYSTEMINFRASTRUCTURE FINANCINGINFRASTRUCTURE INVESTMENTINFRASTRUCTURE INVESTMENTSINSPECTIONINSURANCEINTEREST RATESINTERNATIONAL DEBTINTERNATIONAL FINANCIAL CRISISINTERNATIONAL MARKETSINTERNATIONAL STANDARDSINTERNATIONAL TRADEINVESTMENT CLIMATEINVESTMENT INSTRUMENTINVESTMENT PROJECTSINVESTOR CONFIDENCELABOR MARKETLAND TRANSPORTLAND USELEGAL FRAMEWORKLOCAL FINANCELONG-TERM INVESTMENTSMACROECONOMIC MANAGEMENTMACROECONOMIC POLICYMARKET CAPITALIZATIONMARKET MECHANISMSMETHANEMINISTRY OF TRANSPORTMODE OF TRANSPORTMODES OF TRANSPORTMONETARY FUNDMONETARY POLICYNATIONAL HIGHWAYSNATIONAL SAVINGSNATIONAL TRANSPORTNATIONAL TREASURYNET DEBTOPERATING COSTSPASSENGER SERVICESPENSIONPENSION FUNDPENSION FUNDSPENSION REFORMSPENSION SYSTEMSPOLICY ENVIRONMENTSPORT INFRASTRUCTUREPORT SERVICESPORTFOLIOPRICE VOLATILITYPRIVATE CORPORATE DEBTPRIVATE FINANCIAL INSTITUTIONSPRIVATE INVESTMENTPUBLIC DEBTPUBLIC EDUCATIONPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC OFFERINGSPUBLIC SAVINGSPUBLIC SECTOR DEBTPUBLIC SPENDINGPUBLIC TRANSPORTPUBLIC TRANSPORT INVESTMENTSPUBLIC WORKSPUBLIC-PRIVATE PARTNERSHIPRAILRAIL NETWORKRAIL SECTORRAIL SERVICERAIL SYSTEMRAILROADRAILROADSRAILWAYRAILWAY SYSTEMRAILWAYSRATES OF RETURNREGIONAL TRANSPORTREGULATORY FRAMEWORKRESERVERESERVESRETURNRISK MANAGEMENTROADROAD INVESTMENTROAD LINKSROAD SECTORROADSROLLING STOCKSANITATIONSCHOLARSHIPSSECURITIESSOCIAL DEVELOPMENTSOCIAL SECURITYSOCIOECONOMIC BACKGROUNDSSOVEREIGN DEBTSTOCK MARKETSTOCK MARKETSTAX CODETAX INCENTIVESTAX TREATMENTTECHNICAL SUPPORTTELECOMMUNICATIONSTELEPHONE LINESTRADE FACILITATIONTRADINGTRAFFICTRANSITTRANSPARENCYTRANSPORT COSTSTRANSPORT POLICYTRANSPORT SECTORTRANSPORT SYSTEMTRANSPORTATIONTRUEUNEMPLOYMENTUNEMPLOYMENT INSURANCEUNIONUNIVERSAL ACCESSVALUABLE ASSETSVEHICLE10.1596/18524