WASHINGTON - The International Monetary Fund (IMF) has reached an agreement to provide Argentina with a $4.7 billion support package. This financial assistance is part of a broader $44 billion bailout plan that began in 2018.
Argentina's recently inaugurated President Javier Milei, who assumed office in December, has been proactive in establishing stringent fiscal measures. These include implementing budgetary constraints and enhancing tax policies to stabilize the nation's economy.
Economy Minister Luis Caputo clarified that this support represents a continuation of existing programs rather than a new loan. Argentina is currently awaiting the reactivation of its Extended Fund Facility (EFF) program with the IMF, which is subject to approval by the IMF Executive Board. The decision is anticipated by the end of January.
The EFF program is designed to support countries experiencing serious payment imbalances because of structural impediments or slow growth and an inherently weak balance-of-payments position.
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