Economy

IMF staff to return to Argentina in mid-November to start talks on IMF program

In 2018, Argentina received the biggest lending package in IMF history: $57 billion

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. Photo: Reuters/Yuri Gripas/File Photo

Reuters

12.Oct.2020 15:30 BRT
UPDATED 15:38 BRT

The International Monetary Fund (IMF) staff had productive meetings with Argentine authorities during an in-person visit and will return in mid-November to initiate discussions on a new IMF-supported program, the IMF said in a statement on Monday.

“Staff welcomed the authorities’ commitment to policies to secure a growth-friendly fiscal consolidation while also protecting the most vulnerable, enabling a gradual reduction in inflation, and boosting job creation, investment and exports,” it said.

In 2018, Argentina received the biggest lending package in IMF history: $57 billion. About $44 billion of the allotted cash of this standby lending deal from two years ago has been paid out so far.

After reaching a sovereign debt restructuring deal in August, Argentina wants IMF’s support to new lending.