These funds were granted as a “signal of support for the economic reform process undertaken by the national government,” according to an official statement.
The Government of Javier Milei achieved the approval of financing for more than US$2,000 million for Argentina from the IDB, which is added to the US$1,000 million from the World Bank previously announced and another US$1. additional 000 million for two projects that “will be discussed next week,” as announced by the Ministry of Economy.
According to the official statement, these funds were granted as a “signal of support for the economic reform process undertaken by the national government.”
“The operations that were approved in the last few hours and those that will be discussed next week are part of a financing strategy for two priority agendas of President Javier Milei’s management, such as investment in Human Capital and the rationalization of spending to achieve fiscal balance,” the document added.
Luis Caputo and Pablo Quirno with officials from the World Bank and the IDB.jpg
What the IDB and World Bank funds will be used for
On the one hand, Investments from the Ministry of Human Capital will be supported for US$2,000 million. This financing is divided between what is destined to support the early childhood strategy which includes US$700 million from the IDB and US$500 million from the World Bank, and what will be allocated to the national Literacy Plan, which includes US$300 million from the IDB approved a week ago and US$500 million from the World Bank that They will be submitted for approval to the organization’s board of directors next week.
Besidesthe improvement in spending efficiency and the targeting of energy subsidies will be accompanied with financing and technical support and public transportation, with US$1.7 billion between the two financing organizations (US$700 million from the IDB and US$1.0 billion from the World Bank).
Lastly, the In the last few hours, the IDB approved an operation to support tax reform for US$650 millionwhich “recognizes the effort made by the national government to promote the efficiency of tax policy and public spending, and which will be fully disbursed in the next few hours,” the statement attached.
Source: Ambito
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