Argentina’s Economy Minister Sergio Massa announced the signing of loans totaling $500 million with international organizations next week.
Through a ministerial statement outlining economic policies to be officially presented next week, Massa also pledged to propose a “zero deficit” government budget for next year, avoiding excessive spending.
However, lawmakers are not scheduled to discuss the 2024 budget until September.
This move comes at a key time when the country is experiencing a prolonged economic crisis marked by triple-digit inflation and the steady depreciation of the local currency.
The $500 million loans will be signed with the Inter-American Development Bank and the World Bank, according to the statement, strengthening the central bank’s critically low foreign reserves.
The ministry also announced tax benefits that will allow companies to use undeclared funds for imports, as well as a call for tenders for a major gas pipeline project.
