IMF executive board completes first review of Argentina program

IMF executive board completes first review of Argentina program

© 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 completed on Friday the first review of its $44 billion Extended Fund Facility for Argentina, its managing director said.

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

Kristalina Georgieva said on Twitter (NYSE:) the approval marked the conclusion of an initial step under the program to support the country’s “ongoing economic recovery and strengthen stability.”

A source familiar with the matter had previously confirmed the information to Reuters.

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 replied to requests for comment.

On Tuesday, Argentina’s government approved two payments to the IMF for some $2.75 billion.

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