Uruguay-IMF Discuss Loans

The International Monetary Fund announced that it is in discussions with Uruguay over a new loan accord, and the two sides may announce an agreement this week. Uruguay needs new loans to keep up payments on $13.2 billion of international debt. President Tabare Vazquez, inaugurated in March, said the country would maintain budget and monetary goals under the current $3 billion IMF agreement in order to obtain new loans from the lender.