IMF approves another Rp17.7 trillion disbursement to Argentina

Moscow (ANTARA) — The Executive Board of the International Monetary Fund (IMF) has approved a further disbursement of around USD 1 billion to Argentina under the Extended Fund Facility (EFF) programme. In a statement on Thursday (21 May), the IMF Executive Board said it had completed the second review of Argentina’s EFF programme over a 48-month period. “The Board’s decision allows an immediate disbursement of around USD 1 billion, bringing total disbursements under the programme to around USD 15.8 billion (IDR 279.9 trillion),” the statement read. While facing challenging external and domestic conditions, the Argentine authorities continue to implement their reform programme, the statement noted. “Although the end-December quantitative target for net international reserves (NIR) accumulation was not met, most of the key performance criteria and indicative targets were met, and corrective steps have been taken to bring reserves closer to the NIR target and further narrow the gap in the state’s bonds,” the statement said. The IMF Executive Board welcomed progress on structural reforms and the government’s commitment to implementing a balanced policy mix in line with the programme’s objectives. The IMF also welcomed deregulation of the economy as well as reforms in taxation, trade, and labour.