The International Monetary Fund (IMF) board of directors has approved the eighth review of its agreement with Argentina, which will allow for an US$800 million disbursement to the country. The international lender noted in a brief release Thursday evening that Argentina’s program was “firmly on track,” with all performance criteria met. Argentina’s government said in a statement that the Central Bank would lift the currency controls collectively known as the cepo (Spanish for “clamp”) — but only if doing so would not risk its progress fighting inflation and accumulating reserves. Economy Minister Luis Caputo and his team traveled to Washington to discuss a staff-level agreement with the fund in May. The communiqué said that, whereas the Fund required it to accumulate US$6 billion in net international reserves as of March 31, the Central Bank gained US$9 billion.

Source: Bueno Aires Herald June 14, 2024 12:23 UTC