IMF Executive Board Completes the 8th Review of the Extended Arrangement Under the Extended Fund Facility for Argentina

By IMF

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the eighth review of the extended arrangement under the Extended Fund Facility (EFF) for Argentina. The Board's decision allows for an immediate drawing of approximately US$800 million (or SDR600 million), bringing the total disbursements under the arrangement to about US$41.4 billion. This will support the authorities’ efforts to restore stability and strengthen Argentina’s external viability.

In completing the review, the Executive Board assessed the program to be firmly on track, with all quantitative performance criteria through end-March 2024 met with margins. In addition, the Board also approved waivers of non-observance for a new exchange restriction and multiple currency practices in the context of some easing of dividend payment restrictions.

The Board emphasized that sustaining the strong progress requires improving the quality of fiscal adjustment, initiating steps towards an enhanced monetary and FX policy framework, and implementing the structural agenda. Continued efforts to support the vulnerable, broaden political support and ensure agile policymaking will also be necessary.