After the meetings held by the Minister of Economy, Sergio Massa, the executive board of the International Monetary Fund (IMF) concluded the fourth review of the extended agreement with Argentina and authorized the disbursement of 5.4 billion dollars.
Through a brief press release, the multilateral credit organization announced the endorsement of the results presented by the Government based on the goals set in the renegotiation of the debt originally contracted in the management of Mauricio Macri at the head of the Presidency.
The decision of the Board of Directors makes possible an immediate disbursement of 5.4 billion dollars (SDR 4 billion)”, remarked the IMF. In this sense, the organization led by the Bulgarian Kristalina Georgieva explained that this is how the total disbursements are located within the framework of the agreement “at about $28.9 billion.”
As part of his trip to Washington, the Minister of Economy met with the number two of the Fund, Gita Gopinath, where they hinted that the discussions around the program will not be unrelated to the severe impact caused by the drought in the Argentine economy and the consequent drop in the level of reserves.
As a result of this, the reserves of the Central Bank (BCRA) increased this Friday by almost 2,500 million dollars, up to a total of 39,055 million dollars, according to that entity, after Argentina received the aforementioned disbursement from the International Monetary Fund (IMF). ).
Its current levels, however, are largely below the more than 44 billion dollars with which it had started the year. This dynamic was aggravated as a result of the drought that impacted the productive yields of the agro-export complex, of which losses are estimated at around 20,000 million dollars.
Along these lines, Massa announced at a press conference in Washington DC that in the coming days the launch of the “agro dollar” will be announced, a differential exchange rate for certain products in the sector, including those belonging to the soybean complex. and also to regional economies.
Under this new “agro dollar” all the subsegments of the sector will be included, although there will be some differences regarding the conditions of each one.
As reported by the Argentine Treasury Palace, in April a differential exchange rate will be implemented for soybeans and by-products for 30 days, while another will be implemented for productions of regional economies for a period of 90 days.
