Argentina would receive US$9.8 billion in first IMF disbursement, says Guzmán

Argentina's government will receive about US$9.8 billion (seven billion in SDRs, or IMF Special Drawing Rights) in a first disbursement from the International Monetary Fund if its new financing programme is approved, Economy Minister Martín Guzmán said on Friday.

Guzmán revealed the size of the payment in a local radio interview. The programme must first be approved by Argentina's Congress and the IMF's Executive Board.

"If Congress approves the programme, and the next day or shortly thereafter the IMF board also approves it, that day or the next, seven billion in special drawing rights (SDRs) would arrive in Argentina," said the minister.

Guzman said that, based on the current valuation, the amount of SDRs is approximately US$9.8 billion.

Finally, he said that February inflation was "difficult," without giving figures.

– TIMES/BLOOMBERG