Argentina's Senate on Thursday gave final approval to an unpopular austerity budget designed to meet the stiff requirements of a US$ 57.1 billion International Monetary Fund bailout. Approval came as a great relief for battered president Mauricio Macri, but also a double victory, since it opens the way for his reelection aspirations next year.1 comment
The Executive Board of the International Monetary Fund (IMF) completed on Friday the first review of Argentina’s economic performance under the 36-month Stand-By Arrangement (SBA) that was approved on June 20, 2018.
The International Monetary Fund staff and Argentina authorities have reached an agreement on a set of strengthened economic policies that will underpin the 36-month Stand-By Arrangement (SBA) approved on June 20, 2018.
The governor of Argentina's central bank, Luis Caputo resigned on Tuesday for personal reasons, the bank said in a statement, a surprise announcement in the midst of the country's talks with the IMF that sent the peso tumbling. Former finance minister Caputo has only held the role since June and is the second Argentine central bank president to resign this year. Argentina's peso currency slid 4.65% to open at 39.15 per U.S. dollar after the announcement, traders said.
Argentina’s peso strengthened for the third straight day on Friday, driven by optimism that the government would sign a revised financing deal with the International Monetary Fund to include stricter fiscal measures and faster cash disbursements.
Argentina's budget proposal submitted this week is a key element in the reforms needed for a new loan package for the crisis-hit country, an International Monetary Fund spokesman said Thursday.
The International Monetary Fund has warned that a no-deal Brexit on World Trade Organization terms would entail substantial costs for the UK economy. IMF said that all likely Brexit scenarios would entail costs, but a disorderly departure could lead to a significantly worse outcome.
Argentina’s economy minister sounded upbeat on Wednesday about clinching a new deal with the International Monetary Fund after two days of talks in Washington, and said had sought U.S. support for securing approval from the IMF’s board.
Argentina “made progress” on Tuesday in talks with the International Monetary Fund aimed at securing an accelerated disbursement of a US$50 billion loan it hopes will calm its debilitating economic crisis.
President Mauricio Macri unveiled plans on Monday to raise export taxes on grains and slash the number of government ministries in a bid to balance its budget next year, as Argentina seeks a deal with the IMF to accelerate a US$ 50 billion standby loan program.