IMF sets stage to disburse new round of $5.3 bn to Argentina

1 year ago
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(FILES) In this file photo taken on April 15, 2020 a sign is seen outside the headquarters of the International Monetary Fund (IMF) as the IMF and World Bank hold their Spring Meetings virtually due to the outbreak of COVID-19, known as coronavirus, in Washington, DC. – The International Monetary Fund on September 16, 2020 said it had approved a $1 billion loan for Angola as its economy struggles with the Covid-19 downturn and global drop in crude prices. (Photo by SAUL LOEB / AFP)

The International Monetary Fund said Monday it has reached an agreement with the government of Argentina on the fourth review of the aid package for the South American country, paving the way for the disbursement of some $5.3 billion.

The new tranche of funding, which should be approved “in the coming weeks” by the institution’s board of directors, brings the amount of funds allocated to Argentina since the signing of the aid program in March 2022 to $28.8 billion.

“Prudent macroeconomic management in the second half of 2022 supported stability and helped secure program targets through end-2022 with some margin,” the IMF said in a statement.

It noted that the “agreement is subject to approval by the IMF Executive Board, which is expected to meet in the coming weeks.”

The review focused on assessing progress and reaching an agreement on a “strong policy package to durably address macroeconomic imbalances while limiting future vulnerabilities.”

“Against a more challenging economic backdrop, particularly the increasingly severe drought, stronger policy actions are necessary to safeguard stability, address rising inflation and policy setbacks, and maintain the anchoring role of the program,” the international lender said.


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