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Argentina Gets $4.7bn Funding from IMF
January 11, 2024
Argentina will get a funding of $4.7bn from the IMF, after the latter’s delegation visited the country this week for the delayed seventh review of the $44bn funding program. The IMF agreed to the disbursement despite Argentina failing to meet the loan terms in recent months but owing to President Javier Milei’s “shock therapy” economic reforms. The funds include a $3.3bn loan tranche that was due to be disbursed in November and a $1.4bn of tranche disbursement ahead of schedule. According to the statement by IMF officials, Argentina’s policymakers had “moved quickly and decisively to develop and begin to implement a strong policy package to restore macroeconomic stability and are fully determined to bring the current program back on track”. Argentina has to repay $2.7bn of funds back to the IMF by February 1, for the money lent earlier in the funding program.
Argentina bonds continue to trade at distressed levels of 30-40 cents on the dollar.
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