Buenos Aires – (Archyde.com):
The International Monetary Fund announced that its Executive Board has approved the second review of Argentina’s $44 billion Expanded Fund Facility Program, citing the country’s efforts to achieve set goals.
This approval allows granting $3.8 billion, bringing the total payments under the agreement to about $17.5 billion.
The International Monetary Fund said in a statement, Friday, that “the decisive measures taken by the new economic team were critical to stabilizing markets and rebuilding confidence.”
The statement added that Argentina “has achieved the relevant quantitative program targets by the end of September, including net international reserves and monetary financing of the fiscal deficit.”
For her part, IMF Managing Director Kristalina Georgieva said the decision comes after the new Argentine economic team, appointed in July, took “decisive corrective measures” that began “to restore confidence and policy credibility.”
Argentina, a major grain producer, struck a new agreement with the International Monetary Fund earlier this year to replace a failed program from 2018.
The new program came with economic goals, including rebuilding depleted international reserves and reducing a large primary fiscal deficit to improve the country’s finances.