Monday, September 19, 2022 | 10:37 a.m.
The Board of Directors of the International Monetary Fund (IMF) approved the second review of the agreement with Argentina, after evaluating the country’s compliance with the established goals. The new guarantee from the agency will allow the disbursement of US$4.1 billion.
“IMF staff and Argentine authorities have reached a staff-level agreement on the second review under Argentina’s 30-month SAF agreement. The agreement is subject to IMF Executive Board approval, which is expected meets in the coming weeks. Once the review is complete, Argentina would have access to around US$3.9 billion (SDR 3 billion),” the agency’s statement said.
The announcement is made shortly after Sergio Massa’s visit to the United States, where he received a boost from the Director, Kristalina Georgieva, and in the run-up to the meeting he will hold today with President Alberto Fernández.
“Recent and decisive policy measures aimed at correcting previous setbacks are helping to restore confidence and strengthen macroeconomic stability, including by rebuilding international reserves. The IMF staff and the Argentine authorities agreed that the objectives established in the approval of the agreement will remain unchanged until 2023. Determined policy implementation remains essential to consolidate macroeconomic stability and begin to address Argentina’s entrenched challenges, particularly high and persistent inflation,” the statement added.