Argentina to get over $5 billion from IMF

By Beyza Binnur Donmez

ANKARA (AA) - International Monetary Fund (IMF) announced Friday it will disburse $5.4 billion to the Argentine government, after the executive board's approval.

“I am pleased to announce that IMF staff and the Argentine authorities reached an agreement on the fourth review of the economic program supported by the Stand-By Arrangement," said IMF's acting managing director in a statement.

"Subject to the approval of the Executive Board, Argentina would have access to about US$ 5.4 billion (SDR 3.9 billion)," David Lipton added.

Lipton stated that Argentine authorities completed all their fiscal, monetary and the social expenditure targets under the IMF-backed program.

"Argentina’s economic policies are yielding results. Financial markets stabilized in May and June. Inflation -- while still at high levels -- is expected to continue to fall in the coming months," he said.

Stating that the fiscal and external positions are continuing to improve, Lipton added that there is an expected improvement in the country's economy during the second quarter.

“Steadfast implementation of the commitments and policies underlying the authorities’ IMF-backed program will be critical for continued progress," he underlined.

"I look forward to discussing this review with the IMF’s Executive Board on July 12,” Lipton added.

An IMF delegation led by Roberto Cardarelli, the body's mission chief for Argentina, visited the country in May to conduct talks on the fourth review the economic program.