The board of directors of the International Monetary Fund (IMF) said on Friday (5.4.2019) that it has approved the third review of the stand-by agreement signed with Argentina for 56.300 billion dollars.
The approval will allow the agency to transfer some $10.800 billion to the country, which could help provide certainty to the market and calm the recent currency turbulence.
"The policies of the authorities that underpin the IMF-backed agreement are bearing fruit," the IMF said in a statement.
The agency added that the "recession has bottomed out" and expects a gradual recovery in the coming quarters.
On the other hand, he warned that Argentina's tax collection was lower than expected, so he said that "it will be critical" to act prudently in managing spending and for the government of President Mauricio Macri to take further measures to improve tax revenues.
Policies that underly the Argentine authorities' Fund-supported arrangement are bearing fruit, both fiscal and external deficits are falling. https://t.co/hcWYfzHDWy #Argentina pic.twitter.com/RvrHyEfYSb
— IMF (@IMFNews) April 5th 2019
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