08 October 2022 05:01
Buenos Aires – (Reuters):
The International Monetary Fund announced that its Executive Committee has approved the second revision of Argentina’s $ 44 billion Expanded Fund Facility program, citing the country’s efforts to achieve its goals.
This approval allows for $ 3.8 billion to be granted, bringing total payments under the agreement to approximately $ 17.5 billion.
The International Monetary Fund said in a statement on Friday that “the decisive steps taken by the new economic team have been critical to stabilizing markets and rebuilding confidence.”
The statement added that Argentina “has achieved the relevant quantitative objectives of the program by the end of September, including net international reserves and monetary financing of the fiscal deficit”.
For her part, IMF chief executive Kristalina Georgieva said the decision comes after the new Argentine economic team, appointed in July, adopted “decisive corrective measures” that have begun “to restore political confidence and credibility” .
Argentina, a major wheat producer, reached a new agreement with the International Monetary Fund earlier this year to replace a failed 2018 program.
The new program included economic objectives, including rebuilding depleted international reserves and reducing a large primary fiscal deficit to improve the country’s finances.
