Uruguay will appeal to a cut in state-run utilities rates, if necessary, to keep inflation under control
Uruguayan President Jose Mujica admitted that annual inflation would likely remain between 7 and 9% for the rest of his administration, above the government's target maximum, but he will appeal to a cut in state-run utilities rates if necessary to keep the index under control.
Uruguay will renew the contract for the purchase of Venezuela oil and accept the stake increase of that country in a local bio-fuels corporation during the scheduled visit of President Nicolas Maduro to Montevideo next month; it was announced by the Uruguayan Foreign affairs ministry.
Despite a decade of sustained growth Uruguay's fiscal deficit reached 2.3% of GDP last year, which is an improvement over 2012, when it reached 2.8%, but above the government's target of 2.1%. In money terms this means the budget red was equivalent to 1.154bn dollars, including 350 million dollar losses from government owned companies.
French oil giant Total will be drilling its first well in Uruguay's continental shelf in October 2015, announced the president of the country's oil and gas government owned company ANCAP. Jose Coya also revealed that the company he leads is working on the third Uruguay Round which will implement in the last quarter of next year.
Uruguay has an important role to play in promoting better relations say visiting delegates to Falkland Islands
The cross-party delegation of Uruguayan parliamentarians currently visiting the Falkland Islands appear quite unmoved by what their leader Jaime Trobo described as the “dust storm” that their visit had created both at home in Uruguay and in neighbouring Argentina.
The visit of four Uruguayan lawmakers to the Falkland Islands is receiving ample coverage from the Argentine media particularly the intention of closer links between Montevideo and the Islands including the possibility of sending Uruguayan manpower as well as promoting trade, tourism, culture and social relations
It is not clear where the government commanded by Argentine president Cristina Fernández is heading to, Economy Minister of neighboring Uruguay Mario Bergara affirmed saying the economic ups and downs in Argentina have deeply impacted on Uruguayan exports, tourism and real estate activities.
Uruguay and Brazil could be prepared to go ahead with a 'two speed' trade negotiations between Mercosur and the European Union if the Argentine tariff proposal is not as ambitious as that from the rest of its members, according to Uruguayan diplomatic sources.
Mercosur pretends to increase its trade integration with members from the Pacific Alliance, said Brazilian foreign minister Luiz Alberto Figuereido. The top official made the statement this week before the Brazilian Senate foreign affairs committee.
The Argentine embassy in Montevideo through a Forum Malvinas Uruguay release totally rejected the decision from a group of Uruguayan lawmakers, representing all parties in parliament, accepting an invitation from the British embassy to visit the Falkland Islands.