IMF and Argentina reach an agreement on second review of debt

It is expected that after the agreement, the Latin American nation will have access to 3,900 million dollars

The International Monetary Fund (IMF) and the Argentine authorities have reached an agreement at staff level on the second review under the Fund’s Extended Service Agreement, so that once the review is complete, Argentina will have access to close to 3,900 million dollars (3,897 million euros).

The Fund team, led by Luis Cubeddu, deputy director of the Western Hemisphere Department and chief of mission for Argentina, said the review has focused on assessing progress since the completion of the first review, updating the macroeconomic framework and reaching agreements. on a package of sound policies to further entrench macroeconomic stability and ensure sustained and inclusive growth.

In this context, it was agreed that the key objectives established at the time of the approval of the agreement, including those related to the primary fiscal deficit and net international reserves, will remain unchanged until 2023.

“This approach provides a vital anchor to continue rebuilding credibility and sustain the renewed commitment to implement the program, around the authorities’ pillars related to fiscal order and the accumulation of reserves”, the agency said.

Most of the objectives of the quantitative program until the end of June 2022 have been met, with the exception of the floor of net international reserves, mainly due to a higher than programmed growth in the volume of imports and delays in official external support.

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Source: dpa

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