The Government awaits the meeting scheduled for Wednesday with the Board of the International Monetary Fund (IMF), which will approve the reformulation of the ongoing programme and will help obtain US$4.7 billion, out of which US$3.65 billion must be used immediately to cancel maturities.
The body’s Board has a meeting scheduled in Washington to endorse the Staff Report of the technical mission that worked in Buenos Aires earlier this month.
The endorsement will trigger a US$4.7 billion disbursement, out of which between today and tomorrow US$2.7 billion will be repaid to the IMF by way of principal and interest. In the meantime, a further US$960 million will go directly to CAF, which had enabled that amount for the December 2023 payment. The rest will be used to face the April commitment.
With the Staff Report in hand and the measures to be taken by Javier Milei’s Government, the IMF published a report on Tuesday which forecast a drop in the GDP in 2024 by 2.8 percent and a 150-percent inflation level.
In its report last October, the body estimated that the Argentine GDP would grow by 2.8 percent this year, but now, after updating that report, it places it in the same percentage, but in the red. Nevertheless, by 2025 the macroeconomic situation of the country might improve: the Fund forecasts a 5-percent climb of the Gross Domestic Product.
“The revision of the forecast for 2024 is due to Argentina’s negative growth in the context of significant adjustment of economic policy to reinstate macroeconomic stability”, the IMF assessed.
--TIMES/NA
Comments