HomeTop Global NewsIMF to Loan Argentina Up to $10.8 Billion for Rest of 2023

IMF to Loan Argentina Up to $10.8 Billion for Rest of 2023

Argentina could receive as much as $10.8 billion in loans from the International Monetary Fund (IMF) for the rest of the year as part of a refinancing agreement to help the South American nation to cope with a turbulent period of presidential elections.

The IMF confirmed in a statement on Friday that its executive board approved the payment of $7.5 billion to Argentina in August, adding that this agreement was reached with outgoing President Alberto Fernandez.

Despite the welcome influx of new funding, this money will not be able in time to help Argentina before its key primary election on August 13 or assist the country in paying off the $2.6 billion that the country owes to the IMF for an existing loan.

In order to make the payment, Argentina will tap into other sources of financing, including a $1 billion bridge loan from the Caracas-based CAF development bank.

“It’s very good news,” Economy Minister Sergio Massa said of Argentina’s deal with the IMF. “This lets us get through this second half of the year that is obviously marked by the election, which sometimes creates uncertainty or doubts, with a lot more calm.”

Massa has been actively involved in negotiations with the IMF and is also running for president in the upcoming elections.

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