He President Javier Mileia meeting headed on Wednesday with Ajay BangaPresident of World Bank Groupin which Reforms were discussed that the Argentine government is carrying out and the backup of the international organism to promote the growth of Private sector and the Employment generation In the country.
In the meeting, the Secretary General of the Presidency also participated, Karina Mileithe Minister of Economy, Luis Caputoand the Secretary of Finance, Pablo Quirno.
The meeting between Javier Milei and Ajay Banga
During the talk, the president presented the measures that were implemented since the beginning of his management, which from his perspective allowed stabilize the economy and reduce inflation.
For its part, Ajay Banga He praised the “significant advances” achieved in such a short time. He highlighted the efforts of Milei and his team to carry out fundamental transformations and expressed his desire to Continue supporting Argentina: “We congratulate President Milei for the bold transformation that he is leading in the country, ”said Banga, highlighting the willingness of the World Bank Group to support the reform process.
The president of the World Bank also mentioned that the agency is working closely with the Milei team to support its ambitious reform agenda: “As a sample of our short -term commitment, We are preparing a significant support package that brings together the entire strength of the World Bank Group to support the reforms, Attract private investments and lay the foundations for job creation, ”he added.
Banga explained that the World Bank Group, which groups key institutions such as the International Bank for Reconstruction and Development (BIRF), the International Financial Corporation (CFI) and the Multilateral Investment Guarantee Agency (Crumb), will provide an important support package that will be disbursed over the next three years.
This package will seek to boost reforms, promote the arrival of private investments and ensure sustainable growth For Argentina.
The president of the World Bank also stressed that progress is being made in coordination with the Argentine economic team, the International Monetary Fund (IMF) and the Inter -American Development Bank (IDB) to ensure that international support is effective, aligned and sends a strong sign of trust about the economic future of Argentina.
The IMF expressed regarding the loan negotiated by Luis Caputo
The International Monetary Fund considered “reasonable” Argentina’s application for a first Disbursement of the order of 40% From the new loan program of US $ 20,000 million that negotiates with the agency, the IMF managing director declared Monday, Kristalina Georgieva. The Minister of Economy, Luis Caputo, said that the first section “will be very important”.
“It is a reasonable request. They have earned it, given their performance,” The Bulgarian economist, who recognized Argentina’s efforts to finally address the long -awaited economic reforms affirmed to the International Agency Reuters. Also, the main directive of the multilateral credit agency said they hope close the new agreement before the next spring meetings of the agency and the World Bank between April 21 and 26.
The declaration of Giorgieva He comes to support the request made by the Minister of Economy, Luis Caputo, to the underlying authorities to be considered a first “important” disbursement of the credit they are negotiating.
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During a television interview with LN+ broadcast last night, the head of the Palacio de HaciendA confirmed the negotiations and advanced that The first section of the loan “will be very important”. In addition, he anticipated that the credit will be “Free availability”.
The minister acknowledged that “there is no precedent in which the IMP Make a very high disbursement “since” they generally make 20% and with some exception of 40%. “ “We have asked for more for a reason. In a traditional agreement, what the fund does is to do those partial disbursements in exchange for the fulfillment of partial goals, which we already did. We already did everything”said.
For Caputo, It may “not have precedent” of an advance of the magnitude that Argentina expects to receive in a first section “but there is also no precedent of a country that has made more adjustment than the fund asks for. It would be more logical that since we made all these adjustments, the initial disbursement is higher“
Also insisted that It will not be “new debt” but the repurchar will be used INTRANSFERIBLE LETTERS who are in the hands of BCRA
Source: Ambito
