The directory of International Monetary Fund (IMF) approved on Friday the first revision of the agreement with Argentina for a debt of 44,000 million dollars, allowing an immediate disbursement of some 4,000 million dollars.
The IMF announced on June 8 that it had reached an agreement on the macroeconomic framework with the authorities of Argentina, the Fund’s largest debtor. The entity reported at that time that “all the quantitative objectives of the program” had been met for the first quarter of the year.
While georgieva He said on Twitter that the IMF “completed (Friday) the first review of the expanded funding agreement for Argentina. This marks the conclusion of an important first step under the program to support Argentina in its economic recovery and strengthening of stability.”
Argentine authorities had not immediately responded to requests for comment.
In a statement the Fund said that “in the context of increasing global uncertainties, the board assessed that all ongoing and end-March 2022 performance criteria were met and that initial progress has been made on the structural front.”
Annual targets remain with “some quarterly flexibility” to accommodate shocks, the IMF added.
Argentine Economy Minister Martín Guzmán posted on his Twitter account that the country continues “to implement macroeconomic policies to strengthen growth with job creation and stability.”
The new program reached in March is the twenty-second for Argentina since he joined the Fund in 1956 and replaces a failed one for 57,000 million signed in 2018, which was the largest in the organization’s history.