The board of the International Monetary Fund (IMF) approved a disbursement of 7.5 billion dollars for Argentina. The Latin American country will be able to face the maturities of a credit of 44,000 million dollars assumed by the government of Mauricio Macri (2015–2019).
“The IMF board approved the disbursement of 7.5 billion dollars,” the Ministry of Economy told “Sputnik.”
The board of directors of the multilateral entity endorsed the agreement reached on July 28 by the Argentine Government and the technical staff of the agency, which covers the fifth and sixth audits of the 10 quarterly audits that the country has pending within the framework of the Expanded Fund Facility agreement signed in March 2022 by the current management.
The announcement comes as the managing director of the entity, Kristalina Georgieva, is about to receive the Minister of Economy and candidate of the ruling party for the presidency, Sergio Massa, who is visiting Washington.
By November, when a possible second round of the presidential elections scheduled for October 22 will be held, the Argentine authorities expect another disbursement of 3.25 billion dollars.
In the understanding reached last month, the IMF maintained the forecast that Argentina will reduce the deficit in 2023 to 1.9% of gross domestic product (GDP), so it demanded a further tightening of fiscal policy in the second half of this year.
The Argentine authorities have committed to firmly implementing the policy package over the coming months, according to the agency.
The IMF backed 10 days ago the decision of the Central Bank of the Argentine Republic to devalue the official currency by 22% after the result of the primary elections of August 13, in which the far-right economist Javier Milei, candidate of the La Libertad Avanza party, was the most popular with 30% of the votes.
Massa confirmed on August 22 that Argentina will receive before the end of the year an additional amount of $1.33 billion from the World Bank and the Inter-American Development Bank (IDB).
