2023-07-29 14:32:00
A U A Saturday, July 29, 2023 05:32 PM
The International Monetary Fund announced that it had reached an agreement with Argentina, which will open the door for the country, which is suffering from a financial crisis, to obtain $ 7.5 billion during the next few months within an already existing program, according to Sky News.
The agreement, which has been negotiated for weeks, still needs to be approved by the fund’s executive board, which will meet in the second half of August, according to the press release issued by the international financial institution.
The agreement formally brings together the fifth and sixth reviews of a $44 billion 30-month loan program agreed upon in 2022.
The deadline for the sixth revision of the agreement, which Argentina is using in part to repay the existing debt to the fund, was in September.
With the terms announced Friday, the IMF seeks to “support Argentina’s policy efforts and balance of payments needs in the near term, which include commitments to the Fund.”
With the combination of the fifth and sixth program reviews, Argentina will not have to undergo another review before the presidential elections scheduled for October, and the next review will be in November.
The International Monetary Fund stated that it agreed to ease some requirements in its program in part due to “the economic situation of Argentina, which has become very difficult as a result of the impact that exceeded expectations of the drought, which in turn affected exports and financial revenues,” referring to the drought that destroyed the crops of Argentina.
At the same time, there were shortcomings and delays” on Argentina’s part, the IMF added.
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