LatinNews Daily - 08 September 2022

In brief: WB affirms strength of relations with Argentina

* Argentina’s economy minister, Sergio Massa, and the World Bank (WB)’s managing director of operations, Axel van Trotsenburg, have met in Washington D.C where they discussed Argentina’s macroeconomic situation and highlighted the strong relationship between the WB and Argentina, according to a readout from Van Trotsenburg. According to the same source, Massa presented the programme that Argentina’s government is putting in place to build international reserves and stabilise macroeconomic conditions. Van Trotsenburg “acknowledged the importance of the government’s efforts”, and the two officials confirmed their commitment to “continue working together to promote inclusive and sustainable growth in Argentina”. According to the WB, over the last few years, this partnership has been strengthened, and it has approved new lending worth US$3.73bn, focused on investment and growth programmes including support for those most in need. The WB noted that this year it has already approved US$1.1bn of new projects, and confirmed that approximately US$900m in additional funds are expected to be disbursed over the next six months. Argentina’s government has said that it will disburse about US$500m of WB financed projects over the next four months. According to the same source, the WB portfolio in Argentina is valued at US$9.1bn, comprising 25 projects for a total of US$8.6bn plus an IBRD (the WB’s International Bank for Reconstruction and Development) Guarantee of US$466m.

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