The board of the International Monetary Fund (IMF) approved the revision of the second semester. They considered that the program’s quantitative goals had been met at the end of September, including those for net international reserves and the monetary financing of the fiscal deficit, and enabled the disbursement of US$3.8 billion.

“The Board’s decision allows for an immediate disbursement of SDR 3 billion (about $3.8 billion), bringing total disbursements under the agreement to approximately $17.5 billion,” said the entity headed by Kristalina Georgieva.

“The Executive Board assessed that the recent decisive actions were essential to stabilize markets, restore confidence and secure key quantitative objectives, including the minimum limit for net international reserves at the end of September and the maximum limit for monetary financing of the fiscal deficit. The Board also approved waivers of non-compliance with continued performance criteria, related to foreign exchange restrictions and multi-currency practices,” they explained in a press release.

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Argentina’s 30-month EFF agreement with access to SDR 31.914 billion (equivalent to US$44 billion, or about 1,000 percent of the quota), was approved on March 25, 2022.

“In response to the market disruptions of mid-2022, Argentina’s new economic team took decisive corrective action that is beginning to restore confidence and political credibility. Prudent macroeconomic policies and firm implementation of the program will be needed to address the still fragile situation, strengthen stability and achieve the objectives of the authorities’ Fund-backed program, which remains a key macroeconomic anchor,” Georgieva said.

“Achieving the primary fiscal deficit targets of 2.5% of GDP in 2022 and 1.9% of GDP in 2023 is essential to moderate import growth, build reserves, strengthen debt sustainability and reduce , even more so, the dependence on the financing of the deficit by the central bank. This will require stronger spending controls and greater efficiency of subsidies and social spending, which in turn would create space for critical energy infrastructure projects and targeted assistance to the vulnerable,” he said.

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