Argentina to access $5.4 billion—IMF Acting MD

The acting Managing Director of the International Monetary Fund, IMF, David Lipton issued the following statement on July 5 on the agreement reached between IMF staff and the Argentine authorities on the fourth review of the economic program supported by the Stand-By Arrangement,SBA

“I am pleased to announce that IMF staff and the Argentine authorities reached an agreement on the fourth review of the economic program supported by the Stand-By Arrangement. Subject to the approval of the Executive Board, Argentina would have access to about US$ 5.4 billion (SDR 3.9 billion).

“I commend the Argentine authorities on their continued efforts and steadfast implementation of their economic policy program. The authorities completed their entire fiscal, monetary and the social expenditure targets under the IMF-backed program in the context of this review.

“Argentina’s economic policies are yielding results. Financial markets stabilized in May and June. Inflation – while still at high levels – is expected to continue to fall in the coming months. The fiscal and external positions continue to improve. There are also signs that the economy is improving in the second quarter.

“I fully support Argentina’s efforts to bolster confidence, lay the foundation for sustainable growth and protect the most vulnerable. Steadfast implementation of the commitments and policies underlying the authorities’ IMF-backed program will be critical for continued progress. I look forward to discussing this review with the IMF’s Executive Board on July 12.”