Argentina’s Economy Minister Sergio Massa said the International Monetary Fund (IMF) will disburse money to the government in August and November after reaching a staff-level agreement for its $44 billion financing program.
“There is a major payment package in August and another one in November. It is a very crucial number for Argentina, and I wanted the IMF to reveal the actual figures,” Massa said.
“The expected agreement will cover the next five months,” Argentina’s Economy Minister added.
“We had reached an understanding on the objectives and criteria underlying a staff-level agreement that would then be submitted to his board of directors for approval. The primary technical work for the review was completed by its staff as well as teams from the Argentine Ministry of Economy and the Central Bank,” the IMF noted.
Time is running out for Argentina to pay off past debts to the International Monetary Fund after a record drought cost the country $20 billion in agricultural exports.
Argentina’s foreign exchange reserves fell to critical levels, in part because the central bank was selling dollars to avoid a significant depreciation of the peso three months before the presidential election.
