The International Monetary Fund (IMF) has concluded the second review stage of its assessments into Argentina's economy, paving the way for the release of a US$7.6 billion loan disbursement.
Argentina secured a "stand-by" loan package with the IMF in June. The total amount of the loan is currently US$56.3 billion.
The Fund's executive board must now approve the November 9 to 16 review. It was prepared by technical staff in Buenos Aires in collaboration with Economy Minister and Central Bank Governor Guido Sandleris, an IMF statement read.
“IMF staff and the Argentine authorities have reached a staff-level agreement on the second review of the economic program supported by the Stand-By Arrangement. Completion of the review is subject to the approval of the IMF’s Executive Board and would make available SDR 5.5 billion (about US$7.6 billion)", the IMF said announced.
It "commended" Mauricio Macri's economic team for its "reform program, including building political support for key budget legislation".
Economic decisions to date, the Fund added, had paved "the way for a rebound of economic activity in 2019 and to support job creation, reduce poverty, and improve the living standards of all Argentines".
"Recent data suggest that achieving the 2018 fiscal target is well within reach", the statement added.