This Thursday, the Argentine Government completed the payment of around US$921 million for debt maturities with the International Monetary Fund (IMF). instance that was canceled from a loan from the Development Bank of Latin America-CAF of US$960 million.
The amount paid was 687,500,000 special drawing rights (SDRs)the IMF’s international reserve asset whose value is based on a basket of five currencies: the dollar, the euro, the Chinese renminbi, the Japanese yen and the pound sterling.
The payment made was the last one scheduled for this year, according to the current schedule with the multilateral credit organization.
Looking ahead to the new year, Between January 9 and February 1, Argentina will have to face maturities with the IMF for more than US$2.8 billion. Then the schedule will be released until April 9.
IMF: renegotiation of the program with Argentina
The Government’s idea is to renegotiate the current agreement with the IMF. In this regard, last week, the Minister of Economy, Luis Caputo, indicated that they are “reformulating the agreement that was fallen.”
BCRA sources, for their part, indicated that “There is currently an agreement that was signed in August after the last review and, after that, the goals were automatically not met. We are working to correct that situation and for the IMF to immediately provide the funds to cover the maturities between January and March April”.
And they added that the final objective is to rediscuss the agreement so that it is aligned with the new economic program.
The conversations between the economic team of the President Javier Milei and the IMF began on good termswith meetings in Washington before he assumed the head of state on December 10.
After the first package of measures that Caputo announced on Tuesday of last week, the IMF issued a statement in which it endorsed the initiatives that included an exchange rate jump of 118%, equivalent to a devaluation of 54%.
“The measures will allow negotiations to move forward,” said the multilateral organization on that occasion.
The disbursement made today to the IMF was reflected in the BCRA’s international reserves, which closed around US$22,208 millionaccording to official information from the monetary authority.
Despite the payment to the multilateral organization, the monetary authority ended today with purchases in the single and free exchange market (MULC) and accumulated the seventh day in a row with a positive balance.
“Since December 13, it has accumulated purchases of US$1,562 million”highlighted analyst Gustavo Quintana.
In this way, the BCRA coffers ended the day with a reduction of US$549 million in relation to the amount of foreign currency he had this Wednesday.
Source: Ambito
