IMF and Argentina have agreed to a $45bn deal to restructure debt from the country's historic 2018 bailout, just weeks before a deadline for repayments that Argentina would be unable to meet.
A statement from the International Monetary Financial (IMF) on Thursday stated the new 30-month extended fund facility outlined in the deal would "address the country's most pressing economic concerns" and enhance public finances.
Details of the agreement must be approved by Argentina's congress and the IMF board. These specifics were not immediately available, but the fund stated that it "seeks to permanently address persistently high inflation through a multipronged strategy involving a reduction of monetary financing of the fiscal deficit, and a new framework for monetary policy implementation to deliver positive real interest rates. ".
A deal to restructure Argentina's $57 billion record debt to the International Monetary Fund (IMF) has been a top priority for both parties since the previous center-right government of Mauricio Macri took office in 2018.
Argentina's finance minister and lead IMF negotiator, Martn Guzmán, announced that the agreement would be sent to Argentina's lower house of Congress as soon as next week, according to him. Starting in 2026 and ending in 2034, if approved, the fund's payments would begin and terminate.
By fLEXI tEAM