The minister was able to introduce the impact of the drought on the agenda with the agency. It is expected to negotiate new goals and new disbursements
By iProfessional
16/04/2023 – 11,15hs
The Minister of Economy, Sergio Massareturns from the United States to the country with funds for u$s2,000 million y negotiations with the International Monetary Fund (IMF) underway to set new goals and disbursements to the current Extended Facilities Agreement that will take place in the next two weeks.
According to sources from the Palacio de Hacienda, Massa obtained on his trip to the Spring Assembly of the IMF and the world Bank of this weekend US$900 million of the Inter-American Development Bank (BID), US$600 million of the world Bank yu$500 million from the Arab fund for infrastructure investments.
The economy officials stressed that this is money that will be disbursed throughout this year and that they obtained collateral guarantee operations from multilateral organizations for another US$1.2 billion to issue debt.
The new negotiation with the IMF
Beyond the fresh funds obtained, in the Ministry of Economy it is considered an important achievement to have opened a negotiation with the organization led by Kristalina Georgieva to weigh in this year’s goals the effect of the overwhelming drought that devastated Argentina, which, he says, has the full endorsement of the United States Department of State.
“Due to the drought, we achieved the rebalancing of the Program with the Fund. And the axis with which they speak is to build a “bridge of trust”. It is a triumph to put the drought on the agenda of the IMF“said an official from the Palacio de Hacienda who specified that” now there are two weeks of negotiations.
The idea that was reflected in the conversations held by the Minister of Economy in Washington is to create a bridge between multilateral organizations so that Argentina can go through the effects of the drought, taking into account the importance of the country in terms of security. food, energy and potential development in the Knowledge Economy.
Massa seeks to strengthen reserves and expects greater flexibility from the IMF.
The negotiations that will take place in the next two weeks will not only include a new target for international reserves, fiscal deficit, and monetary issue for 2023.
The Argentine government also intends to modify the IMF disbursement schedulewhich this year has a negative flow for Argentina of more than US$2,000 million.
