The Inter-American Development Bank (IDB) approved a US$ 647.5 million loan for Argentina on Wednesday, reallocating resources previously approved for the country. The granted loan is a Special Development Financing (SDL) loan, aimed at contributing to “strengthening public finances and the balance of payments, reinforcing macroeconomic stability, and growth,” said a communiqué by the Economy Ministry. The funds come at a time when the government is going through an international reserve scarcity crisis. Net international reserves are close to negative US$4 billion and on the same day the IDB agreement was announced, the Central Bank sold US$64 million. According to the press release, the loan was the result of joint work between the IDB’s staff and Finance Secretariat authorities, led by Pablo Quirno.

Source: Bueno Aires Herald August 01, 2024 19:03 UTC