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Bond Market News
Argentina Gets Clearance for $800mn from the IMF
June 14, 2024
Argentina obtained clearance from the IMF board to draw $800mn from the lender, after the completion of the eighth review of its EFF program. The IMF’s executive board assessed the program to be firmly on track with all quantitative performance criteria through end-March 2024 met with margins, according to the press release. The Board’s decision will allow Argentina to immediately draw approximately $800mn, bringing total disbursements under the arrangement to about $41.4bn, which will support the authorities’ efforts to restore stability and strengthen Argentina’s external viability. Argentina has a $44bn program with the IMF and is looking to open talks with the IMF over a new program.
Argentina’s dollar bonds were among the top gainers yesterday with its 3.625% 2035s up by 2 points to 43.7 cents on the dollar.
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