IMF Approves $7.5 Billion Disbursement for Argentina

The board of the International Monetary Fund (IMF) approved on Wednesday a disbursement of US$7.5 billion for Argentina, official sources said.

The decision of the Board of the multilateral organization was unanimously adopted and the planned disbursements will be transferred to the country during the day.

With this disbursement, Argentina will proceed to repay the loans requested from Qatar and the Andean Development Corporation (CAF) to be able to meet the IMF maturities, which were made before the approval of the board of directors of the organization of the 5th and 6th revision of the Expanded Facilities Agreement (EFF).

After the cancellation of these loans, in Economy they trust that for the reserves there will be a net of US$ 3,400 million that will be added to another additional US$ 3,700 million.

To this is added the US$ 1,731 million acquired by the Central Bank in the last 20 days, after new measures on imports and the dollar.

Of the US$7,500 million that the agency will transfer, US$2,500 would be destined to cover the loans made by China and, of that amount, some US$1,300 million will go to the return of the “swap with that country”.

Meanwhile, another US$500 million will be used to repay the loan granted by Qatar and US$1,000 million will go to the CAF-Development Bank of Latin America.

MASSA MEETED WITH GEORGIEVA

Economy Minister Sergio Massa met this Wednesday in Washington with the head of the International Monetary Fund (IMF), Kristalina Georgieva, after the organization’s board of directors approved the disbursement of US$7.5 billion for Argentina.

The decision of the Board of the multilateral organization was adopted unanimously and the planned disbursements will be available as of today, Wednesday, for Argentina.

The meeting began at 3:00 p.m. (Argentine time) and ended around 4:00 p.m.

Before the IMF board meeting, Massa sought to cement relations with the United States government, the Fund’s main shareholder.

Thus, the Economy Minister met earlier in Washington with Brian Nichols, President Joe Biden’s right-hand man for Latin American Affairs.

Likewise, last Tuesday night Massa had dinner at the home of Ambassador Jorge Argüello with Juan González and Mike Pyle, from the National Security Council of the United States.