The International Monetary Fund said on Monday it had reached an agreement with the Argentine government on the fourth review of the aid package for the South American country, paving the way for payments of about $5.3 billion.
The new funding tranche, which must be approved “in the coming weeks” by the institution’s board of directors, brings the amount of funds allocated to Argentina since the signing of the aid program in March 2022 to $28.8 billion.
“Prudent macroeconomic management in the second half of 2022 supports stability and helps secure program targets until the end of 2022 with some margins,” the IMF said in a statement.
He noted that “the agreement must be approved by the IMF’s Executive Board, which is expected to meet in the coming weeks.”
The review focused on assessing progress and reaching agreement on “a robust policy package to address macroeconomic imbalances in a durable manner while limiting future vulnerabilities.”
“Against a more challenging economic backdrop, especially the worsening drought, stronger policy action is needed to maintain stability, address inflation and policy setbacks, and maintain the anchor role of the program,” the international lender said.