IMF Disburses Rp17.7 Trillion for Argentina

Buenos Aires, Argentina/ILLUSTRATIONS UNSPLASH/Juan Pablo Mascanfroni

JAKARTA - The International Monetary Fund (IMF) Executive Board has approved the disbursement of an additional fund of around 1 billion US dollars (around Rp17.7 trillion) to Argentina within the framework of the Extended Fund Facility (EFF) program.

The IMF Executive Board has completed the second review of the EFF program for Argentina for 48 months.

"The Board's decision allows for immediate disbursement, around 1 billion US dollars, so that the total disbursement in the program reaches around 15.8 billion US dollars (Rp279.9 trillion)," the statement said. reported by ANTARA from Sputnik, Friday, May 22.

Despite facing challenging external and domestic situations, Argentine authorities continue to implement their reform program, according to the statement.

The IMF also noted progress in lowering inflation, increasing foreign exchange reserves, and strengthening market confidence.

"Although the quantitative target at the end of December for the accumulation of net international reserves (NIR) was not achieved, most of the main performance criteria and indicative targets were met and corrective measures have been implemented to bring reserves closer to the NIR target and further reduce the state bond gap," the statement said.

The IMF Executive Board welcomed the progress of structural reforms and the Government of Argentina's commitment to implement a balanced set of policies in line with the objectives of the program.

The IMF also welcomed economic deregulation and reforms in the areas of taxation, trade, and employment.