{"id":1985672,"date":"2023-07-29T07:45:02","date_gmt":"2023-07-29T11:45:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/imf-argentina-reach-staff-deal-on-loan-reviews-to-unlock-7-5-billion\/"},"modified":"2023-07-29T07:49:17","modified_gmt":"2023-07-29T11:49:17","slug":"imf-argentina-reach-staff-deal-on-loan-reviews-to-unlock-7-5-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/imf-argentina-reach-staff-deal-on-loan-reviews-to-unlock-7-5-billion\/","title":{"rendered":"IMF and Argentina agree on loan reviews, unlocking $7.5 billion."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fimf-argentina-reach-staff-deal-on-loan-reviews-to-unlock-7-5-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1985672&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>IMF Reaches Agreement with Argentina to Unlock $7.5 Billion<\/h2>\n<p>By David Lawder \u200band \u200dJorgelina \u2064do Rosario<\/p>\n<p>WASHINGTON\/LONDON (Reuters) -\u2063 The International Monetary Fund \u200c(IMF) announced on Friday that it has reached a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/international-monetary-fund-says-ukraine-weeks-away-from-fully-fledged-support-program\/\" title=\"International Monetary Fund Says Ukraine Weeks Away From Fully-Fledged Support Program\">staff-level agreement<\/a> with Argentina, paving the way for \u200bthe release of approximately $7.5 billion. This agreement marks the completion \u200dof the fifth\u200b and sixth reviews of Argentina&#8217;s $44 billion loan \u200dprogram.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The agreement, which\u2062 is still \u2063pending \u2064approval from the IMF Executive Board, takes into account the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/local-journalists-laid-off-as-media-conglomerate-suffers-heavy-losses\/\" title=\"Local Journalists Laid Off As Media Conglomerate Suffers Heavy Losses\">challenging economic environment<\/a>\u2063 in Argentina caused by a devastating\u200b drought. As a result, certain financial targets for the \u200dend of \u200dJune were not met.<\/p>\n<p>Reuters was \u2064the first to report \u200bon the agreement, which combines the fifth and sixth \u200breviews of\u2064 Argentina&#8217;s IMF program. \u2062This \u2064move allows for the earlier disbursement of additional loan funds. The IMF stated that its board will \u200bconvene \u2063in the second half of August \u200bto consider the agreement.<\/p>\n<p>According to the IMF, Argentina&#8217;s \u200deconomic situation has become \u2064increasingly challenging since the fourth review of the\u200c loan\u200b program in March. The drought had a\u200c larger-than-anticipated \u200bimpact on exports and fiscal revenues, leading to \u200dpolicy slippages and delays that contributed to a weaker trade balance.<\/p>\n<h3>Measures Ahead<\/h3>\n<p>To stabilize Argentina&#8217;s peso currency, the agreement calls for\u2064 authorities to maintain policy \u200binterest rates\u200c at a sufficiently positive level in \u200creal terms. \u2064Additionally, the agreement sets a target of around $1 billion in reserves by the\u200c end of 2023, compared to the\u2063 previous goal of $8 billion set in March.<\/p>\n<p>Furthermore,\u200d the agreement includes measures \u2064to reduce import\u2062 demand through new foreign \u2063exchange taxes and\u2064 strengthen expenditure controls. However, the\u2062 IMF stated that the target for Argentina&#8217;s\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/imf-argentina-reach-staff-deal-on-loan-reviews-to-unlock-7-5-billion\/\" title=\"IMF and Argentina agree on loan reviews, unlocking .5 billion.\">2023 primary \u200dfiscal\u2064 deficit remains \u2062unchanged<\/a> at 1.9%\u200d of GDP.<\/p>\n<p>Given Argentina&#8217;s lack of liquid currency reserves\u200b in the central bank, the program will require \u2064waivers as the country introduces more peso exchange\u200c rates to prevent further \u2062drainage.\u2062 These measures are considered to\u200d be &#8220;against the introduction of multiple currency practices.&#8221;<\/p>\n<p>Prior\u200b to board approval, the government will need to implement additional\u200b measures, known as prior actions. The \u2063next review is scheduled for November, \u2062a month earlier than originally planned.<\/p>\n<p>Argentina is\u2062 expected to\u2064 undergo three more reviews of its 2022 IMF program by September 2024,\u200d although the IMF statement did not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-snubs-gop-leaders-on-new-iran-diplomacy\/\" title=\"Biden Admin Snubs GOP Leaders on New Iran Diplomacy\">provide specific details<\/a> on this.<\/p>\n<p>The\u200d IMF&#8217;s board\u200d approval of the reviews will come after\u2064 a primary vote on August 13, \u200bin which Economy Minister \u200bSergio\u2063 Massa is running as \u200done of the presidential candidates\u200d for the ruling\u200b coalition.<\/p>\n<p>Massa expressed that the fresh \u200cdisbursement will bring stability to the country in the \u2062second half of\u200b the year. Following the\u2063 announcement, \u2062Argentina&#8217;s \u200cover-the-counter sovereign \u200ddebt rose nearly\u2062 2% on average, and \u200bthe country&#8217;s main stock index \u200dincreased by\u200b 1.68%.<\/p>\n<p>However, Argentina\u200d still faces the challenge\u2063 of avoiding \u2063default with the IMF next week, with \u200dmaturities\u200b of $2.6 billion due \u2063on July 31 and almost \u200c$800 million due on August\u2063 1. <\/p>\n<p>Argentine officials are working to secure financing \u200bfrom various sources to meet these obligations, \u2063although no further details were \u200cprovided.<\/p>\n<p>On Friday evening, the Development Bank of Latin America \u2064(CAF)\u2063 approved\u2063 a\u2062 $1\u2063 billion credit for Argentina, \u2064according \u200bto a spokesperson from\u200d the economy ministry.<\/p>\n<p>Another potential option to help Argentina make\u200d the \u2064payments is a swap line with \u200bBeijing, similar to the one recently used to \u200ccomplete \u200bpart of its June payment to the\u2064 IMF.<\/p>\n<p>  (Reporting by David Lawder in Washington and Jorgelina do Rosario in London; Additional reporting\u200d by\u200b Walter Bianchi in Buenos\u2062 Aires; Editing by\u2062 Hugh \u2064Lawson, Alistair Bell and Lincoln Feast)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/imf-argentina-reach-staff\/attachment\/file-photo-file-photo-argentina-inflation-tops-100-for-first\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Legislators Collaborate to Analyze Joe\u2063 Biden&#8217;s \u2062Afghanistan Withdrawal<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Judge Rules in Hunter Biden\u200c Case as Joe\u2064 Denies\u200c Secret Service \u200dProtection to RFK Jr.<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>2024 Election Predictions: Who \u200bWill\u2062 Win the Presidency?<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Breakthrough \u200din 30-Year Old Cold Case in Florida<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Self-Driving Uber Test Vehicle Involved in \u2062Fatal Accident<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Monthly Users of\u2063 Social Media Platform X Reach New High, Says Elon \u2063Musk<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Joe Biden to Sign Executive Order\u200d Limiting\u200b U.S. Technology Investments in China<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Global \u200dChipmakers Celebrate the Beginning of\u200c the End of\u200c Semiconductor\u2062 Supply\u200b Shortage<\/h2>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The IMF has reached a staff-level agreement with Argentina to release $7.5 billion and finish the fifth and sixth reviews of the country&#8217;s $44 billion loan program. The deal is subject to approval from the IMF Executive Board.<\/p>\n","protected":false},"author":66,"featured_media":1985673,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1985672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1985672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1985672"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1985672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1985673"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1985672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1985672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1985672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}