IMF-Argentina Debt Repayment Agreement is Good News: Massa
If this technical agreement is ratified by the IMF Board of Directors, Argentina will receive a disbursement of US$7.5 billion.
If this technical agreement is ratified by the IMF Board of Directors, Argentina will receive a disbursement of US$7.5 billion.
On Friday, the Economy Minister Sergio Massa stated that the technical agreement reached between Argentina and the International Monetary Fund (IMF) on debt repayment brings "tranquility" amid the ongoing electoral process.
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"It allows us to navigate much more calmly in the second semester, which is obviously marked by electoral issues that sometimes generate uncertainty or doubts. So, for us, it is very good news," said Massa, who is also a presidential candidate.
The IMF-Argentina technical agreement has to do with the revision of the goals of the 2018 debt restructuring agreement. If this technical agreement is ratified by the IMF Board of Directors, Argentina will receive a disbursement of US$7.5 billion.
The agreement includes a sequential set of measures to rebuild reserves and improve fiscal sustainability while simultaneously protecting critical infrastructure and social spending. These steps are aimed at "strengthening the program."
In a statement, the IMF pointed out that this is a technical-staff-level agreement on the 5th and 6th reviews within the framework of the Extended Fund Facility (EFF) agreement reached in 2022.
The IMF acknowledges that since the completion of the 4th review of the agreement in March, Argentina's economic situation has become "very challenging," and key program objectives could not be met, mainly due to the macroeconomic consequences of the drought.
However, the IMF also attributes this situation to "deviations and delays in policies" that the Argentine government must implement.
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