WASHINGTON (AP) — An International Monetary Fund mission and Argentine authorities have reached an agreement on the third review of a $56 billion IMF-supported program.
If the IMF executive board approves the review in the coming weeks, Argentina would have access to $11 billion, bringing the total amount received from the IMF since June 2018 to $39 billion.
An IMF mission led by Roberto Cardarelli visited Argentina last month to conduct the third review.
Cardarelli said in a news release that Argentine authorities “have met their 2018 primary deficit target, demonstrating their resolve to eliminate the vulnerability associated with Argentina’s fiscal imbalance.”
He added: “Achieving a zero primary deficit in 2019 will require further restraint in government spending.”
Argentina has been hit by a sharp depreciation of the peso amid double-digit inflation.
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