The IDB Board of Directors today approved a US$700 million Special Development Financing (SDL) package for Argentina, within the framework of Sergio Massa’s visit to Washington on the occasion of the International Monetary Fund’s annual meeting ( IMF) and the World Bank.
The loan was confirmed by the IDB in a statement, in which it specified that it will be used to cover short-term financing needs, as well as to protect social spending on vulnerable groups and on infrastructure, “while reforms are implemented to reduce the public deficit, promote price stability and ensure debt sustainability”
IDB financing is aligned with the objectives of the IMF’s Extended Facilities Agreement and within this framework “will help strengthen public finances, assist efforts aimed at price stability, and support the strengthening of the balance of payments.”
The IDB loan has a repayment term of seven years and a grace period of three years and an interest rate based on the SOFR (Secured Overnight Financing Rate, reference rate in dollars).
Source: Ambito
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