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 said on Thursday it aimed to wrap up talks to “strengthen” a US$ 50 billion backup financing deal with Argentina “as rapidly as possible,” as the country's peso and stocks climbed for a second straight day.
The International Monetary Fund will move quickly to agree on a loan program to support Argentina but there are no details yet on what it will entail, a fund spokesman said on Thursday. However spokesperson Gerry Rice also underlined that the IMF nowadays has a greater focus on social protection, in particular towards the most vulnerable, ensuring the economy and living standards.
The International Monetary Fund board has already received a first analytical report on Argentina latest statistics and will address the issue in its next meeting scheduled for 6 June, according to IMF spokesperson Gerry Rice in Washington.
The International Monetary Fund said Wednesday it will review Argentina's progress on improving its economic statistics in December, after censuring the country last February for supplying poor data.
International Monetary Fund announced it was holding constructive talks with Argentina about addressing flawed economic data that led to an unprecedented IMF censure of a member country.
International Monetary Fund Managing Director Christine Lagarde, whose Paris apartment was searched by police March 20 in a case involving businessman Bernard Tapie, retains the backing of the board of directors, an IMF spokesman said.
The International Monetary Fund, IMF, praised Venezuela for the recent devaluation of its currency saying it is a positive attempt to reduce macroeconomic misbalances but also called on the government of President Hugo Chavez to continue eliminating the exchange rate distortions.
Global stock markets have rallied after a short-term deal to stave off the US “fiscal cliff” was reached. In New York, the Dow Jones closed up 2.4%, while European shares were up about 2% for the day.
The board of directors of the International Monetary Fund will again meet at the end of January to debate Argentina’s improvement in the quality of its official economic index, IMF spokesman announced on Monday.