In 2004, the Batlle government signed a three-year $1.1 billion stand-by arrangement with the International Monetary Fund (IMF), committing the country to a substantial primary fiscal surplus, low inflation, considerable reductions in external debt, and several structural reforms designed to improve competitiveness and attract foreign investment. Uruguay terminated the agreement in 2006 following the early repayment of its debt but maintained a number of the policy commitments.