LatinNews Daily - 28 March 2022

In brief: IMF executive board signs off on Argentina agreement

* The executive board of the International Monetary Fund (IMF) has signed off on a 30-month extended arrangement under the Extended Fund Facility (EFF) for Argentina amounting to US$44bn. The board’s decision, which follows the recent approval of the deal by Argentina’s bicameral legislature, allows the authorities an immediate disbursement of US$9.66bn. Following its decision IMF managing director and chair, Kristalina Georgieva, said “while an economic and employment recovery is underway, Argentina continues to face exceptional economic and social challenges, including depressed per capita income, elevated poverty levels, persistent high inflation, a heavy debt burden, and low external buffers. Against this backdrop, the authorities’ economic programme sets pragmatic and realistic objectives, along with credible policies to strengthen macroeconomic stability and begin to address Argentina’s deep-seated challenges”. However, she notes that “risks to the programme are exceptionally high and spillovers from the war in Ukraine are already materialising”, adding that in this context, “early programme recalibration, including the identification and adoption of appropriate measures, as needed, will be critical” to achieving its objectives.

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