WASHINGTON (Pakistan Point News / Sputnik - 21st November, 2020) The International Monetary Fund (IMF) said its delegation had started to discuss the framework of the future support program with the Argentine authorities.
The IMF delegation visited the Latin American nation from November 10-20.
"The IMF staff team and Argentine authorities started delineating the contours of an IMF-supported program that could back the government's plans to address the country's deep economic and social challenges, which have been aggravated by the COVID-19 pandemic," the fund said on late Friday in a statement.
The organization also welcomed Argentina's intention to request an Extended Fund Facility arrangement.
"Good progress has been made in defining the initial elements of such a program, and further discussions are expected to continue virtually between the teams over the coming weeks," the statement added.
The Argentine economy is not at its best currently, particularly in light of the coronavirus-related shocks. For the first nine months of the year alone, inflation gained 22.3 percent. Argentina's GDP dropped 19.1 percent in the second quarter of 2020 year-on-year. The share of Argentine citizens beyond the poverty line has increased to 40.9 percent � or 11.7 million people � in the first half a year. This includes around 3 million people living in extreme poverty.
