Uruguay Retains $25B Private Pension Funds

Finance Minister Gabriel Oddone confirmed Uruguay will keep private pension fund managers (AFAPs) in the social security system.
AFAPs manage over $25 billion for roughly 1.7 million participants, supporting local capital markets and reducing foreign‑currency borrowing.
The decision follows a 2024 referendum rejecting a union‑backed nationalisation proposal and addresses investor concerns raised at IMF talks.
President Yamandú Orsi’s social security commission will issue policy recommendations on April 28, forming the basis for upcoming reform legislation.