The International Monetary Fund’s Board of Directors gave its approval for the repayment of a new $3. 8 billion tranche of its loan to Argentina.
IMF Managing Director Kristalina Georgieva said in a statement cited by France 24 that “the new Argentine economic team has taken substantial corrective actions that have begun to restore trust and policy credibility” in response to the market upheaval in mid-2022.
“Achieving the goals of the main budget deficit of 2,” Georgieva continued.
Adjusting import growth, building reserves, improving debt sustainability, and reducing reliance on central bank financing of the deficit will require 0.5% of GDP in 2022 and 1.9% of GDP in 2023.
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. country’s sustained and economic growth.
The deal with the IMF, signed in March of last year, calls for a number of steps to be taken to reduce the public deficit so that it can rebalance in 2025 and control the nation’s chronic inflation, which is expected to reach 50.9% in 2021 and 71.0% in July 2022. Since Argentina’s restoration to democracy in 1983, the International Monetary Fund has inked thirteen agreements with that nation.
A new $3.8 billion instalment of the International Monetary Fund’s loan to Argentina is made.
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