According to a statement released on Friday, the International Monetary Fund’s Board of Directors on Friday approved the disbursement of a new $3. 8 billion tranche of a loan to Argentina.
The choice was decided at the conclusion of the second analysis of a comprehensive financial assistance package with a budget of $44 billion over thirty months, which was already approved by the technical staff of the fund in September.
Buenos Aires will receive a total of about $17 by paying this new payment.
5 billion to encourage the nation’s sustained economic growth.
IMF Managing Director Kristalina Georgieva noted in the statement that the new Argentine economic team “made bold corrective steps in response to the market instability in mid-2022 that began to restore confidence and policy credibility.”
attaining the primary deficit targets of 2.5% of GDP in 2022 and 1% in 2023.
To control import growth, build up reserves, improve debt sustainability, and lessen reliance on central bank financing of the deficit, 9 percent of GDP will be required in 2023.
Additionally, the International Monetary Fund emphasised that “this will call for tighter budgetary restrictions and more effective support and social investment.
A number of actions are outlined in the agreement with the International Monetary Fund, which was signed in March of last year (50.
9 percent in 2021 and 71 percent annually in July 2022) while also lowering the public deficit in order for the economy to rebalance in 2025.
Since the country’s return to democracy in 1983, the International Monetary Fund has signed 13 agreements with Argentina.
Argentina receives a $3.8 billion loan tranche from the IMF.
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