The IMF announces 4,350 million euros to "support" Argentina and its "ambitious" economic plan

MADRID, 1 Feb. (EUROPA PRESS) -

The International Monetary Fund (IMF) announced this Wednesday an "immediate" disbursement of 4.7 billion dollars (about 4.35 billion euros) to "support" the Government of Argentina in its "ambitious plan" for macroeconomic stabilization.

"The new administration is taking bold steps to restore macroeconomic stability and begin to address long-standing impediments to growth. These initial steps have averted a balance of payments crisis, although the path to stabilization will be difficult," he said. the managing director of the IMF, Kristalina Georgieva, according to a statement from the organization.

"The ambitious agreed stabilization plan focuses on establishing a strong fiscal anchor that ends all financing of the government by the Central Bank," Georgieva added. However, the IMF has highlighted that the implementation of this plan will be "challenging" and that firm implementation and agile development of these policies will be needed.

Furthermore, Georgieva has assured that the program had been diverted in recent months due to the "incoherent policies" of the previous government, which left a "difficult legacy" due to high and growing inflation, depleted reserves and high levels of poverty.

These statements have come after the IMF itself corrected the growth projections for Argentina, going from forecasting a growth of 2.8 percent for 2024 to a negative growth of 2.8 percent, although for the following year it could reach to grow 5 percent.