IMF chief: Argentina ‘is moving in the right direction’

International Monetary Fund (IMF) managing director Kristalina Georgieva says Argentina “is moving in the right direction.”

The head of the multilateral lender made her remarks after meeting with President Javier Milei on the sidelines of the UN General Assembly in New York.

“It was an excellent get-together, we’ll be meeting again,” pointed out the IMF chief in press statements.

Georgieva highlighted the support of the United States and the World Bank, assuring that what Argentina is doing “is very significant.”

“The fiscal discipline, the monetary policy and the structural reforms are very important,” she maintained.

The Bulgarian economist wished the country “all the best,” highlighting that “the things which reach those below must stay on track,” where she mentioned lower poverty and inflation figures while “the things on the rise must continue to do so,” singling out economic activity, which has registered a fall.

“All support is very important and positive,” concluded Georgieva.

Shortly afterwards, a message posted on her social networks, described the meeting with the Argentine leader as “very constructive.”

"We stand with Argentina as it implements policies to safeguard stability, reduce inflation, rebuild reserves and boost growth prospects," she said.

World Bank

After the meeting between Milei and US President Donald Trump, the World Bank announced a new loan of US$4 billion for Argentina, which will reach Central Bank coffers in the next few months. The credit aims at financing the private sector in a context of scant hard currency.

"The World Bank announced today that it is accelerating its support for Argentina, combining financing the public sector with mobilising private-sector investment by deploying up to US$4 billion in the next few months to back the agenda of reforms and the country’s long-term growth," the international credit organisation commented.

At the same time, it pointed out that support is destined "to boost mining, critical minerals and tourism as a source of jobs and local development, broadening access to energy and grids and financing the PyMEs small and medium-sized firms."

"This support advances on the support package of US$12 billion announced in April and reflects the firm confidence in the efforts of the government to modernise the economy, undertake structural reforms, attract private investment and create jobs," World Bank sources indicated.

The Grupo Banco Interamericano de Desarrollo (Grupo BID) also communicated “it is working to significantly expand its operations in Argentina in the next 15 months to increase its support for the country” in line with the IMF programme.

By the end of the year the Grupo BID plans to approve five new operations for the public sector for a total of US$ 2.9 billion, destined to back structural reforms, as well as a further US$1 billion via BID Invest aimed at strategic sectors.

–TIMES/NA