The board of the International Monetary Fund (IMF) has approved a $7.5 billion disbursement to Argentina, a spokesman for Economy Minister Sergio Massa told AFP on Wednesday, as the South American country grapples with an ongoing economic crisis.
“The IMF’s Board of Directors has approved the disbursement of $7.5 billion,” Massa’s spokesman, who is also running for Argentina’s president, said in a statement to AFP on Wednesday.
The…
The board of the International Monetary Fund (IMF) has approved a $7.5 billion disbursement to Argentina, a spokesman for Economy Minister Sergio Massa told AFP on Wednesday, as the South American country grapples with an ongoing economic crisis.
“The IMF’s Board of Directors has approved the disbursement of $7.5 billion,” Massa’s spokesman, who is also running for Argentina’s president, said in a statement to AFP on Wednesday.
The IMF did not immediately respond to a request for comment.
The agreement combines the fifth and sixth reviews of an existing 30-month IMF program, a move IMF officials said last month would help improve Argentina’s “very challenging” economic situation.
The country is struggling with a severe economic crisis that has caused the inflation rate to rise to over 100 percent and the poverty rate to rise as high as 40 percent.
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Massa traveled to Washington this week to meet with senior officials from the IMF and World Bank as the two international financial institutions discussed separate decisions regarding the country.
On Tuesday, the World Bank approved two new projects for Argentina worth about $650 million aimed at improving access to finance for climate change mitigation and adaptation and strengthening food programs.
The projects aim to help Argentina “lay the groundwork for more sustainable and resilient growth and improve the efficiency of public services and social protection,” said Marianne Fay, the World Bank’s country director for Argentina, Paraguay and Uruguay. in a statement announcing the decision.
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