The International Monetary Fund said on Monday that talks with Argentine authorities for financial support are well advanced and the plan is driven by Argentina priorities with a particular focus on protecting the most vulnerable.
Despite the austerity policies that have been implemented by the government of President Mauricio Macri, Argentina will see a bigger than expected recession this year, the International Monetary Fund (IMF) said in a new report. The economy is set to decline 1% this year, a drop that is 0.3 percentage points larger than the previous forecast that the IMF had released in October.
Venezuela’s consumer inflation, already the world’s highest, will more than double this year surging to 720% in 2016 from 275% last year, according to a note published by the IMF’s Western Hemisphere Director, Alejandro Werner.
The International Monetary Fund (IMF) slightly improved its outlook on Argentina’s economy saying the country will grow 0.1% in 2015 and will remain stagnant in 2016. Nevertheless, IMF warned the country is going through a “very delicate” situation and insisted that the improved outlook doesn’t change its views regarding Argentina.
Economist Aldo Ferrer has said the International Monetary Fund (IMF) was “incorrigible”, questioning the report the multilateral credit organism released this week saying Argentina should devalue on its peso currency and carry out austerity policies to get back on the track of growth.
The International Monetary Fund (IMF) has repeated its forecast of a 0.3% drop in Argentine GDP over the course of 2015, while recommending a devaluation of the Peso and austerity measures in order to stimulate growth in the economy.
Argentine Economy Minister Axel Kicillof has assured that the government of president Cristina Fernandez is not seeking international financing despite current economic problems, since it has foreign trade surpluses and all the foreign exchange needed to face debt maturities.
IMF Director for the Western Hemisphere Department Alejandro Werner has once again called on Latin America to embark upon economic reforms, claiming that the “least difficult” phase of economic growth is now over.
The economies of Argentina and Venezuela are the least well-off in the region due to pressures on inflation, the balance of payments, and foreign exchange markets that developed last year, the International Monetary Fund warned.
The Director of the International Monetary Fund’s (IMF) Western Hemisphere Division, Alejandro Werner, says Latin American and Caribbean economies are well placed to once again sustain relatively high growth rates.