Argentina is on the way to economic recovery
The International Monetary Fund stressed that the government of Mauricio Macri is taking the necessary actions to lift its economy
This Thursday the International Monetary Fund (IMF) said that Argentina is “on the right track” to stabilize its economy.
With this, as indicated by the IMF, highlights a renegotiation of payments with the government of Argentine President Mauricio Macri. “We are focused on the current program”, spokesman Gerry Rice said.
Last year, Argentina received a record credit of 56,000 million dollars in exchange for a fiscal adjustment, with the purpose of recovering the total confidence of the investors in the framework of the collapse of its local currency.
Macri, a center-right president seeking re-election in October, is under pressure from the economic contraction, which led him to take unpopular austerity policies to try to restore stability to the currency crisis, rising inflation and the enormous obligations of the debt.
Right now an IMF mission is visiting Buenos Aires, the Argentine capital, to review the performance of the government as agreed in the loan terms.
The IMF spokesperson highlighted that the economic policies underlying the program help address “key” problems, such as the reduction of Argentina’s external and fiscal imbalances, and affirmed that the “ongoing efforts” to comply with the agreement “will lay the foundations for economic stability and sustainable growth.”
The Fund supported the measures announced on April 29 by the Central Bank of Argentina, which ordered the intervention of the foreign exchange market “to reduce more aggressively the amount of pesos” after a week of accelerated devaluation.
K. Tovar
Source: Bancaynegocios
