(Bloomberg) Uruguayans voted on Sunday to maintain more than 100 legal changes introduced by President Luis Lacalle Pou in a referendum that could help their government implement more market-friendly reforms.
The “no” option, which sought to keep intact Lacalle Pou's so-called flagship “omnibus law” of 2020, which includes limits on the right to strike and restrictions on the government's ability to incur deficits, won 49.8% of valid votes with more than 96% of electoral districts reported at 9:53 p.m. Eastern time, according to preliminary results published by the Electoral Tribunal.
The “yes” to the repeal of 135 articles of the law was 48.8%. The blank votes assigned to the “no” column accounted for 1.3% of the votes.
Lacalle Pou, who began his five-year term in March 2020, enjoys great popularity following the success of the covid-19 vaccination program and the recovery of the economy.
An aggressive grassroots campaign by the leftist Frente Amplio party, trade unions and activists failed to tip the scales in favor of “yes.”
Supporters of the referendum campaigned against the law saying it undermines one of the strongest welfare states in Latin America, erodes labor rights and promotes police brutality. The ruling coalition said reforms are essential to combat crime and keep public finances healthy.
Many analysts say that Uruguay's slow economy needs reform to boost growth and maintain the generous social programs and high standards of living its population expects. Lacalle Pou is committed to presenting a social security reform bill to Congress this year.
Voting for Sunday's referendum was mandatory with nearly 2.7 million people eligible to vote.
Original Note:
Uruguay Set to Keep Investor-Friendly Legal Reforms in Vote (1)
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