The International Monetary Fund (IMF) and the Government of Argentina reached a consensus on Monday on the second revision of the debt refinancing agreement of 44.5 billion dollars contracted during the administration of former President Mauricio Macri.
IMF highlights Argentina’s great commitment to the agreement
The international financial organization reported that “the technical staff of the IMF and the Argentine authorities have reached an agreement at the level of technical staff on the second review under Argentina’s 30-month SAF agreement.”
In this sense, it was specified that “the agreement is subject to the approval of the Executive Board of the IMF, which is expected to meet in the coming weeks. Once the review is complete, Argentina would have access to around 3.9 billion dollars.”
Similarly, the IMF predicted that there will be a “gradual moderation” of the inflationary phenomenon in the coming months of 2022 and the coming year despite the fact that “inflationary pressures remain strong” due to the international scenario.
Based on this, the statement states that economic policies are essential “to consolidate macroeconomic stability and begin to address Argentina’s entrenched challenges, in particular high and persistent inflation.”
In turn, he emphasized that “the more decisive implementation of stricter macroeconomic policies should support a strengthening of the current account balance, external competitiveness and reserve coverage.”
Accordingly, the IMF highlighted that the new measures promoted by Argentina “are helping to restore confidence and strengthen macroeconomic stability, including by rebuilding international reserves.”
Likewise, the Washington-based organization determined that the general objectives of the agreement with the Argentine government will remain unchanged until next year, based on the fiscal order and the accumulation of reserves.