On Monday, the International Monetary Fund announced that it had reached an agreement with Argentina’s government regarding the fourth review of the aid package for the South American nation, paving the way for the distribution of approximately $5.3 billion.
The institution’s board of directors should approve the new funding “in the coming weeks.” This brings the total amount of money given to Argentina since the aid program was signed in March 2022 to $28.8 billion.
The IMF stated in a statement, “Prudent macroeconomic management in the second half of 2022 supported stability and helped secure program targets through the end of 2022 with some margin.”
The phrase “agreement is subject to approval by the IMF Executive Board, which is expected to meet in the coming weeks” was included in the citation.
Assessing progress and agreeing on a “strong policy package to durably address macroeconomic imbalances while limiting future vulnerabilities” were the primary goals of the review.
According to the international lender, “stronger policy actions are necessary to safeguard stability, address rising inflation and policy setbacks, and maintain the anchoring role of the program” in the face of a more difficult economic backdrop, particularly an increasingly severe drought.