IMF green lights $800 million for Argentina with program 'firmly on track'

14/6/2024 11:40

        The International Monetary Fund (IMF) board on Thursday cleared the way for Argentina to draw $800 million to help drive its economic recovery, saying the lending program was "firmly on track".
        
        Argentina has a $44 billion program with the IMF, which includes economic targets on growth, inflation and reserves. The IMF said in a statement its executive board had completed the eighth review of that extended fund facility arrangement.
        
        "In completing the review, the Executive Board assessed the program to be firmly on track, with all quantitative performance criteria through end-March 2024 met with margins," the IMF said.
        
        Sustaining the progress will require improving the quality of fiscal adjustment, taking steps towards enhanced monetary and foreign exchange policy framework, and implementing reforms for growth, it said.
        
        Argentina's government has said it will open talks with the IMF over a new program.