LatinNews Daily - 14 April 2023

In brief: IMF recognises impact of drought in Argentina

* The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has said that a severe drought in Argentina has “undermined the performance of the economy and is harming people in the country significantly”. Speaking at a press conference in Washington, Georgieva said the impact of the drought was partially behind a decision by the Fund to modify Argentina’s international reserves target under the Extended Fund Facility (EFF) arrangement made with the country in March 2022. The IMF has eased Argentina’s net reserves accumulation target for the year from US$9.8bn to US$8bn. “We recognise that we have a commitment with the government to… fine tune in light of the conditions,” said Georgieva, adding that implementation would be crucial to the success of the programme.

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