The official referred to the comments of Luis Cubeddu, deputy director of the Western Hemisphere Department; Y Ashvin AhujaHead of Mission for Argentina, who are part of the IMF team in the reviews with Argentina.
“Prudent macroeconomic management and efforts to mobilize external financing are supporting macroeconomic stability: the fiscal order, moderating inflation, improving the trade balance and strengthening the reserve coverage”, they pointed out last night when announcing that they reached an agreement at the technical level with the country’s economic team on the third review of the agency’s program.
The approval paves the way for a disbursement of US$6,000 million.
“Despite the challenges, also a consequence of the war in Ukraine, all quantitative performance targets were met by the end of September 2022, including the primary fiscal deficit due to strong spending controls and actions to improve the targeting of subsidies and social assistance”, stated the Fund’s technicians.
They also remarked that “the actions of the new economic team are beginning to bear fruit, inflation is moderating (albeit from high levels) and the trade balance is improvinglargely due to an appropriate slowdown in domestic demand and imports”, the executives highlighted.
De Mendiguren agreed with the diagnosis, and concluded that “there is prudent macroeconomic management and gradual ordering in all variables.”
Source: Ambito
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