In 48 hours, for the Inter-American Development Bank (IDB), Argentina went from being an “insolvent” country and unable to be a recipient not only of new lines of credit but also of liquidations of money already enabled; to receive the approval of new loans for some US$1.5 billion in new projects. This is in addition to the promise to release another US$500 million from the current lines that it already has activated in the country; plus another US$300 million corresponding to next September’s transfers. In the remainder of the year, adding previous grants and new lines, Argentina would receive from the IDB some US$1.1 billion. This will allow the country to return to key projects such as financing for the modernization of the national and provincial state, for energy and transportation, water and sanitation, industries such as viticulture and the transformation of manufacturing sectors, and even fire prevention. The important thing for the fiscal accounts is that dollars enter and are exchanged in the Argentine financial system, with which the money will automatically become a cash reserve in the Central Bank. That is the fundamental of the change of attitude of the international financial organization, which, since last Wednesday, modified its consideration of the reality of the country; only because of the change of officials who will manage the Palacio de Hacienda from tomorrow.
Source: Ambito
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