The Minister of Economy, Luis Caputo, received the approval of the organization’s technicians for the progress of the economic program.
As expected, the Minister of Economy, Luis Caputoand his equipment were brought from the United States the approval of the eighth review of the agreement with the International Monetary Fund (IMF). The organization’s technicians concluded that the goals were exceeded and will now raise the Staff Level Agreement to the board of directors, which has already approved the disbursement of 792 million dollars scheduled for June.
The Argentine delegation, which was also made up of the Secretary of Finance, Pablo Quirno, and the vice president of the Central Bank (BCRA), Vladimir Werning, spoke with the IMF teams about the roadmap agreed upon with the Government. In particular, it became clear that in the first quarter It was more than achieved with the reduction of the fiscal deficit and the accumulation of reserves in the Central Bank.
Specifically, the eighth review of the IMF’s extended facility program determined that the primary surplus was four times higher than expected, that the Central Bank’s reserves accumulated more than 2,000 million dollars than what was stipulated at the time and that the monetary issue was within the established limits.
Now as a formal step, official sources explained to ambit what is expected “the Fund’s technical team raises the Staff Level Agreement for the subsequent board approval of the disbursement of the funds,” estimated at almost 800 million dollars for June.
This Monday, the Government paid the Fund approximately 800 million dollars and the Central Bank’s reserves fell by 687 million of the same currency. This was in addition to last week’s payment of another $1.9 billion.
In the sayings of President Javier Milei there is always the expectation of obtaining fresh funds that will shorten the deadlines for exiting the exchange rate.but it will be necessary to see if the over-fulfillment of the goals is enough for the IMF to recommit debt to Argentina.
Source: Ambito
