MercoPress. South Atlantic News Agency

Massa and Gopinath discuss IMF flexibilization and disbursement

”Good meeting with Minister Sergio Massa,” Gopinath said.

Argentina's Economy Minister Sergio Massa Wednesday met with International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath to discuss the flexibilization of the reserve's goals in addition to a US$ 5.3 billion disbursement to be announced early next week, it was reported in Washington.

The encounter took place on the same Argentine President Alberto Fernández went to the White House to review this and other issues with Joseph Biden.

“In the context of the fourth review of the IMF program, we had a good meeting with the Deputy Managing Director of the organization and her team, with whom we analyzed the impact of the drought in the country and the clearing of maturities of the curve in pesos was valued,” Massa said.

“Good meeting with Minister Sergio Massa. We discussed the fourth review of the program and the importance of actions to increase reserves and continue mobilizing domestic financing in a sustainable manner,” Gopinath posted on the internet.

Although the IMF has already approved the fourth review of the negotiation, the nod from the Fund's Executive Board -which will convene Friday- is still needed to unblock the disbursement.

Argentina faces a drop in the collection of domestic trade taxes in addition to a general contraction from the drought affecting agriculture.

Regarding the reserves requirements, local media in Buenos Aires said a target reduction of US$ 3 billion for the objectives foreseen until March was to be expected, and of almost US$ 2 billion for all of 2023.