Uruguay withdraws more funds from IMF

WASHINGTON, Aug. 27 (UPI) -- The International Monetary Fund Friday provided the fifth part of its loan to Uruguay, allowing the country to access $204 million.

The IMF had agreed to offer $3.1 billion in loans to the country in 2002.

In announcing the agency's decision to access its latest available fund, the IMF's deputy managing director Agustin Carstens said Uruguay's "ongoing economic recovery has been faster than expected."

Further disbursement of the remaining available loan will be in two equal installments of about $204 million each, available around November 2004 and February 2005, the IMF said.