The International Monetary Fund (IMF) has reached a staff-level agreement under which Argentina will receive almost $4 billion in funds after the review by the IMF Executive Board, Deputy Director of the Western Hemisphere Department and Mission Chief for Argentina Luis Cubeddu said on Monday
WASHINGTON (Pakistan Point News / Sputnik - 19th September, 2022) The International Monetary Fund (IMF) has reached a staff-level agreement under which Argentina will receive almost $4 billion in funds after the review by the IMF Executive board, Deputy Director of the Western Hemisphere Department and Mission Chief for Argentina Luis Cubeddu said on Monday.
"IMF staff and the Argentine authorities have reached staff-level agreement on an updated macroeconomic framework and associated policies necessary to complete the second review under Argentina's 30-month EFF (Extended Fund Facility) arrangement. The agreement is subject to approval by the IMF Executive Board, which is expected to meet in the coming weeks. Upon completion of the review, Argentina would have access to about US$ 3.9 billion (SDR 3 billion)," Cubeddu said in a statement.
The review focuses on assessing progress since completion of the first review, updating the macroeconomic framework and reaching understandings on a solid policy package to continue to strengthen macroeconomic stability and secure sustained and inclusive growth, he added.
The two sides agreed that key objectives established during approval of the arrangement will remain unchanged through 2023, Cubeddu noted.
The IMF mission confirmed that the Argentine authorities have met most of the targets included in the revised quantitative program, with the exception of the floor of net international reserves.
Cubeddu welcomed Argentina's commitment to implementing the program, but called for additional serious steps to improve the situation. "More decisive implementation of tighter macroeconomic policies should support a stronger current account balance, external competitiveness, and the continued improvement in reserve coverage. In line with program commitments, net international reserves are programmed to rise by US$9.8 billion during the course of 2022-23," the official said.
