The IMF would disburse 10,750 million dollars in the coming months

The International Monetary Fund (IMF) confirmed that its board will meet on August 23 to approve disbursements for Argentina for $ 10,750 million for the coming months. In this regard, Julie Kozack, Director of Communications at the IMF, said: “On July 28, the Argentine authorities and IMF staff reached a staff-level agreement on the fifth and sixth reviews under Argentina’s 30-month Extended Fund Facility (EFF) arrangement. The agreement is subject to approval by the IMF’s Executive Board, which is expected to meet on August 23 and approve the agreed disbursements.” It also transpired that the international organization would disburse about $ 8,000 million that same August 23 and another $ 2,750 million during the first week of November, before an eventual runoff. The Staff Level Agreement (SLA) published by the agency’s technical body had warned that the disbursement would be approved when the government implements a series of consensual measures. On Monday, the Central Bank raised the official exchange rate to $350, which implies a devaluation of 21.8% compared to its closing price on Friday. In addition, it raised the interest rate by 21 basis points to 118% annually to contain deposits in bank accounts and avoid additional pressure on the informal exchange rate. This means an estimated annual rate (TEA) of 209% (TEA), a monthly rate of 9.7%, which would be what savers should obtain for holding holdings.

Original source in Spanish