IMF executive board approves first review of Argentina program -source

IMF executive board approves first review of Argentina program -source

© Reuters. People walk outside the National Congress, as the senate debates the government’s agreement with the International Monetary Fund (IMF) in Buenos Aires, Argentina March 17, 2022. REUTERS/Agustin Marcarian

By Jorgelina do Rosario

(Reuters) – The executive board of the International Monetary Fund approved on Friday the first review of its $44 billion Extended Fund Facility for Argentina, a source familiar with the matter said.

The approval allows for the disbursement of about $4 billion.

The IMF announced on June 8 that it had reached a staff-level agreement on an updated macroeconomic framework with authorities in Argentina – the fund’s biggest debtor. It said at the time that “all quantitative program targets” for the first quarter of the year had been met.

Neither the IMF nor Argentine authorities immediately replied to requests for comment.

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