The board of directors of the International Monetary Fund (IMF) approved the eighth review of the agreement with Argentinawhich allows a immediate disbursement of approximately 800 million dollars for the country.
The financial organization indicated in a statement that this disbursement “will support the authorities’ efforts to restore stability and strengthen Argentina’s external viability”.
The total disbursements made within the framework of the Fund’s agreement with Argentina amounts to about $41.4 billion.
The IMF stressed that, upon completing the review, “the Executive Board considered that the program was firmly on trackwith all quantitative performance criteria until the end of March 2024 met with margins.”
They were also approved “default exemptions for a new exchange restriction and multiple exchange practices in the context of certain relaxation of restrictions on the payment of dividends”.
To maintain solid progress, according to the IMF, “it requires improve the quality of fiscal adjustmentstart steps towards a framework improved monetary and exchange rate policyimplement the structural agenda”.
Likewise, “continue efforts to support the most vulnerableexpand political support and ensure agility in policy formulation.
In March 2022, the then government of Alberto Fernández signed an agreement with the IMF to refinance loans for about 45 billion dollars that the organism had granted in 2018, during the presidency of Mauricio Macri.
The pact includes quarterly reviews such as the one now surpassed regarding the level of compliance with demanding goals in terms of fiscal discipline, accumulation of monetary reserves and limits on monetary issuance.
The approval for new disbursements to Argentina by the organization depends on the fulfillment of these goals and the approval of each review, funds that, in turn, the country uses to cancel its debt with the entitywhich amounted to $40,899 million at the end of 2023.
This Tuesday, the Argentine Minister of Economy, Luis Caputo, announced that he will negotiate a new program with the IMF after the organization’s eighth review: “From there we will begin to negotiate a new program with them.“, said.
