The background stressed that “the program has had a solid start despite a more challenging external context.” “The disinflation process and the growth of the economy have continued, poverty has continued to decrease and Argentina has returned to international capital markets earlier than expected,” he said.
He International Monetary Fund (IMF) reported on Thursday afternoon that The agency’s technical staff reached an agreement with Argentine authorities on the first review of the extended facilities program. Subject to the approval of the entity’s directory, This understanding unlocks potential access to around US $ 2,000 million.
“The program has had a good start Despite a more challenging external context: disinflation and growth have continued, poverty has fallen even more and Argentina has re -entered the international capital markets before planned, ”says the statement released in Washington.
It emphasizes that “The authorities are still committed to safeguarding the fiscal anchor, reconstruct.
The evaluation of IMF technicians throw that “the program has had a solid start, backed by the continuous implementation of strict macroeconomic policies, including a strong fiscal anchor and a strict monetary posture”
It is also evaluated that the transition to a more flexible exchange regime together with the flexibility of most controls has been developed “Without setbacks “despite a more challenging external context.
The statement adds that, “in accordance with the objectives of the program, understandings on policies were achieved to safeguard the achievement of the fiscal anchor, rebuild reserves, reduce inflation in a lasting way and continue improving the clarity and functioning of the monetary framework.” And anticipates that “This will be complemented with new actions to create a more open, resilient and market -based economy”
He concludes pointing out that the IMF “hosts with pleasure the continuous commitment of the authorities with the program.” The meeting of the IMF Executive Directory is expected for the first review to take place At the end of July And, as noted, everything indicates that the review will be approved and therefore A new credit section for US $ 2,000 million will be disbursed.
According to private evaluations, Argentina complied with almost all program goals. Particularly, the commitment on fiscal surplus was achieved. On the other hand, it is understood that the country did not achieve the objective of accumulation of reserves, a topic by which the fund would give a forgiveness (Waiver).
Source: Ambito
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