2023-12-15 19:54:33
In line with what was anticipated by the Minister of Economy Luis Caputothe board of directors of CAF, known as the Development Bank of Latin America, approved this Friday a loan for US$ 960 million for Argentina, with the objective that the country complies with its payments to the IMF next week.
Days ago, the head of the Treasury Palace had confirmed that the debt with the international organization would be honored, although avoided further details about the origin of the funds.
Given the shortage of reserves, the Milei Government finally resorted to a loan from the former Andean Development Corporation, the CAF, to pass the imminent maturity with the IMF without problemsin a more than complex economic context.
The resources that the libertarian administration will now receive They had been motorized by the former presidential candidate and former Minister of Economy, Sergio Massato clear the country’s financial front.
CAF approved a credit of USD 960 million for Argentina: the official statement
“In an extraordinary virtual meeting held this Friday, the Board of Directors of CAF – development bank of Latin America and the Caribbean – unanimously approved a short-term liquidity bridge loan for USD 960 million for the Republic of Argentina, with the objective of supporting the country to cover the payment of debt service with the International Monetary Fund (IMF)”, confirmed the entity in a statement.
In the letter, it was clarified that the operation “will serve as bridge financing so that Argentina can continue with the implementation of the Extended Facilities Agreement” that was agreed with the IMF, for the benefit of “its fiscal, monetary and exchange policies.”
“This initiative seeks to strengthen the fiscal, monetary and exchange policies of this CAF member country, as well as promote the diversification and execution of its public debt strategy,” he adds.
In this way, the Ministry of Economy led by Caputo will have the necessary funds to pay the IMF on December 21 and, in parallel, begin negotiations to review the goals of the agreement.
With information from Noticias Argentinas and Infobae
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