IMF and Argentina arrive at a technical pact that opens access to 2,000 million dollars

The technical staff of the International Monetary Fund (IMF) and the Argentine authorities have reached an agreement at the level of technical personnel on the first review of the program backed by the Expanded Service of the Fund, which would enable access to approximately 2,000 million dollars.

The IMF spokeswoman Julie Kozack had affirmed in the morning that the conversations about this first review were “very advanced” and that the next step is to reach a pact between the country’s executive and the leadership of the agency.

With the approval of the IMF Executive Board of Directors, as indicated later in the statement, Argentina could access those about 2,000 million. The meeting of said directory is expected to take place at the end of July.

Last April the IMF Executive Board had approved an agreement of the Extended Service (SAF) to 48 months for Argentina by A total of 20,000 millionwith an immediate disbursement of 12,000 million and a first review planned for June that implied an associated disbursement of about 2,000 million.

As stated then from the IMF, the program is expected to help catalyze additional official support, both multilateral and bilateral, and to facilitate access to international capital markets.

A technical mission of the IMF traveled in June to Buenos Aires as part of the discussions related to the first review of the signed program. At the end of that visit, the team considered that the dialogue had been “constructive.”

The agreement responds to an application from the Argentine authorities of medium -term assistance for the balance of payments, in support of the following phase of its stabilization and reform agenda.

“The program has had a solid start, based on the continuous implementation of solid macroeconomic policies, including A solid fiscal anchor And a strict monetary posture, “the IMF said Thursday.

The agency considered that “the transition to a more flexible exchange regime and the elimination of most exchange controls has been developed in an orderly manner, despite a more challenging external context.”

He also stressed that “the official exchange rate has remained close to the midpoint of the band, The disinflation process has been resumedeconomic expansion has continued, poverty has continued to decrease “and” Argentina managed to return to international capital markets earlier than expected. “

“In line with the objectives of the program, understandings on policies aimed at protecting compliance with the tax anchor were achieved, reconstituting reservations, reducing inflation lasting and continuing to improve the clarity and operation of the monetary framework,” added its statement.

The IMF’s announcement coincides on the same day that the Inter -American Development Bank (IDB) announced The concession to Argentina of two loans for a total of 1.2 billion dollars that are framed within the framework of credits to grant the country worth 10,000 million between 2025 and 2028.