After the IMF board endorsed the program of some 45,000 million dollars for Argentina after more than a year of negotiations, which will allow the country to avoid a costly “default”, the lender transferred some US$9.65 billion to Central’s coffers.
The Government used this Friday part of that disbursement to cancel an expiration with the same body of some US$2.7 billion, before which the BCRA’s reserves went from US$37.012 million (Wednesday’s close), to US$43 .321 million, which represents an increase of some US$6,309 million (+17.1%).
In the daily balance, the sale of some US$20 million made this Friday by the monetary authority in the wholesale foreign exchange market had a slight impact.
The program that it agreed with the IMF, which is the twenty second for Argentina since joining the Fund in 1956, replaces a failed one for 57,000 million in 2018, which was the largest in the history of the organization, agreed under the macrista administration.
The reduction of the fiscal deficit, the rise in interest rates and the cut in energy subsidies are key requirements of the agreement, which does not require labor or pension system reforms.
Previously, Congress gave its approval to the agreement a week ago, which the IMF intended to have a broad consensus in the country.
Source: Ambito
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