- The Executive Board's decision enables a disbursement of around US$800 million to support the authorities' efforts to entrench the disinflation process, rebuild fiscal and external buffers, and underpin the recovery.
- Program remains firmly on track, with all quantitative performance criteria for end-March 2024 were met with margins.
- Sustaining progress requires improving the quality of fiscal adjustment, taking initial steps towards an enhanced monetary and FX policy framework, and implementing reforms to unlock growth, formal employment, and investment.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the eighth review of the extended arrangement under the Extended Fund Facility (EFF) for Argentina. The Board's decision allows for an immediate drawing of approximately US$800 million (or SDR600 million), bringing the total disbursements under the arrangement to about US$41.4 billion[1].This will support the authorities' efforts to restore stability and strengthen Argentina's external viability.
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. In addition, the Board also approved waivers of non-observance for a new exchange restriction and multiple currency practices in the context of some easing of dividend payment restrictions. The Board emphasized that sustaining the strong progress requires improving the quality of fiscal adjustment, initiating steps towards an enhanced monetary and FX policy framework, and implementing the structural agenda. Continued efforts to support the vulnerable, broaden political support and ensure agile policymaking will also be necessary.
Please find above the decision from the Executive Board on the eighth review for Argentina´s SLL. Final press release will be updated later.
[1] IMF Executive Board Approves 30-month US$44 billion Extended Arrangement for Argentina and Concludes 2022 Article IV Consultation
