MercoPress. South Atlantic News Agency
Argentina requests waiver ahead of IMF's third review to further release funds
The matter was “simply a question of availability of certain data” expected to be submitted as the IMF meeting had been postponed from its original date Argentina has requested a waiver from the International Monetary Fund as some data would not be available in time for the fund's third review this week of US$ 56.3 billion in standby financing agreed last year, a Treasury spokesman said on Wednesday.
The matter was “simply a question of availability of certain data” that was expected to be submitted as the IMF meeting had been postponed from its original date at the end of March, a spokesman for the treasury pointed out.
“Such information cannot be released in time for the board meeting, which will be held on Friday, because the March fiscal result data will be published in mid-April.”
Argentina's financing deal with the IMF, the fund's largest ever, is being closely watched by global investors as the country's leaders grapple to rein in stubborn inflation, protect a tumbling currency and revive the recession-hit economy.
The deal was struck last year when Argentine Peso lost half its value against the dollar and inflation came close to 50%. President Mauricio Macri, facing elections later this year, said the country had been hit by “endless storms.”
Argentina and the IMF reached a staff-level agreement in March regarding the review, paving the way for the fund to disburse a tranche of funds worth about US$ 10.9 billion. That agreement needs approval from the IMF executive board.
The treasury spokesman said the fiscal targets for the year remained unchanged. Argentina has agreed to erase its primary fiscal deficit this year as part of the IMF deal.
An IMF spokeswoman said the waiver request was because some data for March was not available, and that a similar issue had occurred with the first review.
“Preliminary data indicates that targets will be met. However, final data won't be available by the time the board comes together, which is why the waiver is requested in this case,” she said.
The IMF board is due to discuss the review of Argentina's standby agreement on Friday.
Top Comments
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Read all commentsAll the Argentines need to do is get off their arses and do some work instead of getting handouts from the Government.
Apr 04th, 2019 - 09:58 am 0What a moronic comment on the part of the character above.
Apr 10th, 2019 - 05:25 pm 0Just advertise a job position in Argentina and watch people line up around the block.
However, it makes one feel so smug, eh GC? Easy to suck up to those who created the economic crisis with their own greed and ignorance and then try to blame the victim.
But GC may be proud to be in tune with none else but president Mauricio Macri, who has created the current debacle but still tells Argentines that it's all a matter of “keep paddling hard” and that the rewards are waiting around the corner.
Birds of a feather.
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