International Monetary Fund (IMF) Director of Communications Julie Kozack confirmed in a brief statement Monday that the lender’s executive board will meet on August 23 to confirm a disbursement for Argentina. This agreement is subject to the approval by the IMF Executive Board, which is expected to meet on August 23 to unlock the agreed disbursements.”“We welcome the authorities’ recent policy actions and commitment going forward to safeguard stability, rebuild reserves and enhance fiscal order.”The July staff-level agreement granted the country access to a US$7.5 billion disbursement. However, the disbursement is subject to approval by the IMF executive board, and Argentina must continue to implement the policies it agreed on with the lender. The government and the IMF signed an Extended Fund Facility agreement in 2022 after renegotiating the US$44 billion debt former President Mauricio Macri acquired in 2018. The deal includes an economic program that Argentina must comply with in order to receive disbursements every three months, which are used to pay for the previous debt with the IMF.

Source: Bueno Aires Herald August 14, 2023 18:00 UTC